Bakkt still looking to sign up key core clients after first week of futures trading

Quick Take

  • Compared to CBOE’s first-week bitcoin futures launch on Dec. 10 2017, Bakkt’s average outstanding interest for the week equated to only 5o basis points of the total CBOE outstanding interest back in late 2017
  • Bakkt didn’t register enough sizeable reportable traders to hit the CFTC COT report in its first few days of trading
  • Bakkt still is looking to sign up key core clients, and the historical precedent of CME’s bitcoin product taking four months to see reportable transactions hit the CFTC suggests the jury is still out on the product launch
Bakkt, the bitcoin derivatives trading platform owned by ICE, has completed its first full week of trading. The firm saw 623 monthly physically-settled bitcoin futures contracts traded through its platform—approximately $5.5 million in notional trading value assuming the weekly price of bitcoin at $8,700. Source: ICE The weekly CFTC Commitment of Traders report (COT report: […]

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