Bakkt has set a new record, this time in terms of open interest on bitcoin monthly futures contracts: open contracts reached the value of $9.53 million, an increase of 45% compared to the previous day’s value (about €6.5 million). This has been revealed by the Twitter account Bakkt Volume Bot:
FYI: the open interest is at an all time high for Bakkt.
— Bakkt Volume Bot (@BakktBot) January 9, 2020
The previous record had been set on December 16th and was $7 million. Open interest is a parameter that in the futures market indicates the value of open contracts and also serves to give an indication of the condition of the market. The higher it is, the more capital and investors are entering the market.
Yesterday, 4,107 contracts were traded for a value of 32.59 million dollars, with a 15% decrease compared to the previous day during which another excellent result was achieved: 4,823 contracts traded for a total of 40.75 million.
These figures are still far from the historical record of 6,601 contracts traded last December 18th, for a value of 47.30 million dollars. However, the numbers of these days confirm the good performance of the futures offered by Bakkt which are covered by physical bitcoin (although in reality 37% of the value is covered by US dollars or treasury bonds).
The bitcoin futures were launched by Bakkt last September. After a bit of a dull start, they exploded between November and December. Apparently, they weren’t even affected by the replacement, which saw Mike Blandina take Kelly Loeffler‘s place as the head of the company. At the moment they are following the trend of the price of bitcoin, which has been dragging the cryptocurrency market again for some days now, on the wave of international tensions that are raising the value of the safe-haven assets, thus not only physical gold but also digital gold.
However, today, bitcoin is recording a loss of value of 5%, going back under 8,000 dollars, more precisely to 7,920 dollars.