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Futures processed in Bitcoin exceed those realized in cash

May 27, 2020

Bakkt, a Bitcoin (BTC) futures platform, has now settled most of its contracts in BTC, not cash. This is confirmed by the latest data.

According to the analytical resource Skew, Bakkt’s physically processed Bitcoin futures were $ 34 millionaccording to the latest available data for May.

The tide turns against cash settlement

Cash-settled Bitcoin futures were valued at $ 9.3 million, while open positions totaled $ 7.6 million.

Futures processed in Bitcoin exceed those realized in cashFutures processed in Bitcoin exceed those realized in cash

The trend reverses the previous status quo, in which futures processed with fiat money had a higher volume.. This was the case in March and April when volatility increased investors’ desire for cash.

In the meantime, Bakkt set a daily record for physically settled futures at $ 43 million.

Bakkt Bitcoin Futures Chart. Source: Skew

This Friday, 50% of the open positions at service provider CME Group expire, which is not a stock exchange. As Cointelegraph reported, such billing dates tend to increase the downward pressure on Bitcoin prices in the short term.

CME’s open interest peaked in the first week of the month.

CME gap filled days after opening

A “gap” that opened in the CME order book over the weekend was noticeably “filled” on Wednesday, which corresponds to another regular trend that has been observed since 2017 when Bitcoin futures started trading.

The BTC / USD pair suddenly rose from $ 8,900 to $ 9,200 that day, closing the gap between $ 9,065 and $ 9,180.

Institutional investments in Bitcoin have been in the spotlight again in recent weeks. An important event for commentators was that billionaire Paul Tudor Jones said he now held up to 2% of his net worth in BTC.

As a result, RT host Max Keizer claimed, among other things, that sooner or later others would have no choice but to follow his obvious approval of the cryptocurrency.