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Bakkt, the Intercontinental Exchange (ICE) crypto subsidiary, suffered its second high-profile executive exit last week after CEO Mike Blandina stepped down.
Junior United States Senator and former CEO of Bakkt Kelly Loeffler disclosed dumping millions of dollars worth of stock holdings in the days and weeks following a private senators-only briefing on the Coronavirus in late January, as reported by The Daily Beast.
Glancing at Bitcoin’s price performance over the past week, punctuated by a 50 percent decline on the days March 12 and 13, it’s easy to say that “crypto is dead.” Case in point: Peter Brandt, a long-time commodities trader that once said BTC could hit $50,000 and beyond, recently argued that if he looks at […]
The daily volume of the Bakkt Bitcoin futures market has been on a consistent rise since mid-January.
According to the latest data from Skew, the volume of Bakkt’s physically-settled futures exceed the volume of its cash-settled product.
Despite its hype in the latter half of 2019, the performance of Bakkt has been lackluster to say the least.
As Bitcoin closed out its best January in seven years, open interest rocketed to a new all-time high on Bakkt’s physically-settled Bitcoin futures market, and institutional traders on CME Group looked to position themselves for higher highs.
The launch of Bakkt – the physically settled Bitcoin futures trading platform – was long viewed as a bullish fundamental catalyst that would help usher in the next era of institutional adoption into the nascent crypto markets.
A massive drop in open interest on the CME and Bakkt Bitcoin futures contracts indicates short-covering has fueled BTC’s latest rally, likely egged on by the expiry of Bakkt’s December contract.
The much-awaited Bitcoin cash-settled monthly futures from Bakkt launched on December 9, recording a volume of 1250 BTC at press time.
Bakkt’s intention to provide a pure non-leveraged Bitcoin futures product seems to have evaporated — both of the firm’s futures contracts are traded on margin, as pointed out by Alex Kruger: “Myth: Bakkt futures fully backed by bitcoin.