Bitcoin [BTC] Futures: Bakkt COO Announces Test Launch Date; CME and BitMEX Logs Record Volumes in May


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Bitcoin [BTC] Futures: Bakkt COO Announces Test Launch Date; CME and BitMEX Logs Record Volumes in May

The most waited institutional platform for cryptocurrency trading, Bakkt, has announced the date for its Bitcoin [BTC[ futures test launch. CME Bitcoin futures volume also recorded an All-Time High Volume that overcompensates for the closing down CBoe BTC futures at the end of this month.

Bakkt Test Launch Date Announced

The launch which was confirmed earlier this year seems to inch closer. Adam White, the COO of Bakkt announced in a blog post today, he said,

“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”

Bakkt, which is released by ICE, the parent company of the NYSE, has introduced a couple of changes in the traditional futures management to include the new age contracts.

Along with the launch of the futures contract, Bakkt is also planning to include incentives for traders to promote the contracts and offer provisions for integrations with ISVs and regulated brokerage platforms.

Bakkt Reforms with the Bitcoin Futures Contracts (Source)

The team behind Bakkt is excited about the launch and has drawn parallelism to the Apollo 11’s mission to the moon, which marked man’s first landing on the moon with Neil Armstrong and then Buzz Aldrin. White quoted President John F. Kennedy calling it a  “moonshot bet.”

CME Bitcoin Futures Volume Reaches All-Time High

The year-to-year rise in the volume of Bitcoin Futures trading on CME is about 250%. The Chicago-based CME Group Inc’s average daily volumes of futures contracts climbed to a record $510 million in May 2019. The derivatives recorded a significant new high even from April 2019 standards. The number of open interest contracts also reached an All-Time High.

Also Read: Bitcoin Buy Signal Could Be Still On As CME Futures Traders Opt Either Gold or BTC

CME bitcoin futures
CME Bitcoin Futures Growth (Settles and Open Interest) (Source)

Reportedly, the increase in volume was also witnessed outside of the US. Crypto Facilities, a London-based platform saw a three-fold jump in bitcoin [BTC] futures trading volume which reached to a record $84 million last month.

Furthermore, the highest trading volume was reported by BitMex, which recorded a trading volume of $4.3 billion about eight times the volume of CME. Nevertheless, the CEO of BitMex, Arthur Hayes, noted that they are losing some of their volumes to regulated platforms like CME. He told the media,

“It’s the perfect product (for bigger investors) – it’s U.S.-dollar based, they never have to touch actual bitcoin, it’s financially settled,”

Do you think that Bakkt will transform the Bitcoin derivated space? Please share your views with us.

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Bitcoin [BTC] Futures: Bakkt COO Announces Test Launch Date; CME and BitMEX Logs Record Volumes in May
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Bitcoin [BTC] Futures: Bakkt COO Announces Test Launch Date; CME and BitMEX Logs Record Volumes in May
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The most waited institutional platform for cryptocurrency trading, Bakkt, has announced the date for its Bitcoin [BTC[ futures test launch. CME Bitcoin futures volume also recorded an All-Time High Volume that overcompensates for the closing down CBoe BTC futures at the end of this month. 
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 535 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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