On Friday, the open interest of Bakkt’s futures on bitcoin reached a new record high at $11.63 million.
https://twitter.com/BakktBot/status/1223610712850944001
The chart published on Twitter by the Bakkt Volume Bot shows that, for the first time since the beginning of the year, open interest has exceeded $11 million. In fact, already on Wednesday the $10 million had been exceeded, while the previous historical record of open interest was reached on January 9, with $9.53 million dollars.
Bakkt records related to the price of BTC?
As the chart shows, the bitcoin price also rose on Friday, which is often the case lately when Bakkt volumes peak. The two are not necessarily linked, or even correlated, but this is not the first time that Bakkt futures trading volume records have occurred at the same time as the BTC price has risen.
Incidentally, last week Bakkt’s open interest in futures increased by 114% in seven days, as on 24 January it stopped at $5.4 million, although as mentioned earlier on 9 January it had already reached almost $10 million.
According to some analysts, this recent increase could show an influx of new buyers entering this market to open long positions.
In addition, in mid-December 2019, when the price of bitcoin was around $ 6,500, the open interest of Bakkt futures reached a peak of $7.02 million, almost 40% lower than current levels.
CME bitcoin futures are also going through a period of high volumes, although not an absolute record, and this is interpreted by some analysts as confirmation that many traders are betting on further growth in the BTC price.
Thursday saw the biggest peak in the trading volume of these futures in recent months, with $846 million traded, but there has been no drop in the bitcoin price, as has often happened in the past when CME futures expire at the end of the month.
January closed with 4,611 contracts in open interest, not far from the record 5,252 in July 2019. Obviously, this is not at all enough to be sure that the price of bitcoin will rise in the coming weeks, but at least it is a good sign of this.
