The number of bitcoins demanded for “physical delivery” of Bakkt futures has increased by 1,600% in recent weeks, according to data from the analytical company Arcane Research.
The ability to calculate in the underlying asset of the futures is one of the most interesting distinguishing features of Bakkt contracts offered, however, bidders are not using it very actively. So, in October and November, only 32 contracts were calculated in bitcoin.
Changes began to happen this month. Since the beginning of January, 230 bitcoins were delivered with a total value of about $ 2 million. In December, there were 8 such contracts.
In addition, in recent days, the volume of active positions in Bakkt bitcoin futures with monthly settlements has grown rapidly – from $ 5.4 million on Friday to $ 8.8 million on Tuesday.
It should be noted that the positive trend does not cover the Bakkt options market. According to the parent company Bakkt Intercontinental Exchange, during the week from January 20 to 26, no deals were made in options. According to available data, the last 20 lots were exchanged on January 17.
Bakkt’s rival Chicago Mercantile Exchange (CME), on the other hand, continues to record a significant interest among traders in their Bitcoin options. Last week, when Bakkt had zero, 59 lots passed through the CME platform.
Bakkt launched Bitcoin options on December 9, CME on January 13. On the very first trading day, CME managed to bypass Bakkt by margin in terms of the volume of transactions.