Bakkt Bitcoin options go to zero as trading volume plummets
So a lot for all of the Bakkt Bitcoin options hype.
To say that the institutional trading platform’s newest Bitcoin product isn’t doing so effectively can be an understatement—as trading volumes for options on Bitcoin futures contracts on Bakkt have successfully gone to zero.
The Bitcoin futures trade, ruled by the Intercontinental Exchange (ICE)—house owners of the New York Stock Exchange, hasn’t seen any trading on Bitcoin options on its platform within the final 10 days, in accordance to information from analytics agency Skew. ICE’s personal web site experiences a giant fats goose egg for options for January 20 by way of 24. The weekends don’t come into play, so the final exercise registered befell on January 17, when 20 Bitcoin options modified fingers.
By distinction, Chicago-based competitor CME Group has seen trading for its Bitcoin options buzzing alongside at a good fee over the past two weeks. During its first week, trading volume for BTC options on CME exploded from 55 contracts (roughly $2.37 million in volume) on its first day to 120 ($5.25 million) by the top of the week.
Still, even curiosity in CME’s choices seems to be waning. Last week, the trade solely registered a complete of 59 trades on Bitcoin options for your entire week.
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Tim McCourt, CME’s world head of fairness index, instructed Decrypt final November that there had been a “high demand” for options merchandise ever because the agency first launched Bitcoin futures in December 2017. And when Bitcoin options lastly did launch on CME earlier this month, analysts from J.P. Morgan echoed the sentiment, telling Bloomberg that there was “high anticipation” from institutional traders.
So the place has all that pleasure gone?