Volumes for Bakkt's futures delivered in BTC are trumping fiat settlements as markets rise to fill a days-old CME gap.
Listen to article Markets News Bitcoin futures platform Bakkt now sees most of its contracts settled in BTC, not cash, the latest data reveals.
According to analytics resource Skew, the latest date for which data is available in May produced $34 million for Bakkt's physically-settled Bitcoin futures.
Cash-settled Bitcoin futures recorded $9.3 million in volume, while total open interest was $7.6 million.
The trend reverses the previous status quo, under which futures settled in fiat saw larger volumes.
May meanwhile also saw a daily record for physically-settled futures at Bakkt at $43 million.
This Friday will further see 50% of open interest expire at fellow non-exchange futures provider CME Group.
As Cointelegraph reported, such settlement dates tend to compound downward price pressure on Bitcoin in the short term.
A "Gap" which opened up in the CME order book over the weekend was conspicuously "Filled" on Wednesday, in line with another regular trend seen since 2017 when Bitcoin futures began trading.
Institutional Bitcoin investment has returned to the spotlight in recent weeks.
Bakkt Physical Bitcoin Futures Beat Cash Ahead of Major CME Expiry
Published on May 27, 2020
by Cointele | Published on Coinage
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