{"id":117391,"date":"2019-11-03T08:46:25","date_gmt":"2019-11-03T08:46:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=117391"},"modified":"2026-10-18T11:58:17","modified_gmt":"2026-10-18T10:58:17","slug":"bakkt-crosses-1m-in-open-interest-what-does-it-show-about-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bakkt-crosses-1m-in-open-interest-what-does-it-show-about-bitcoin\/","title":{"rendered":"Bakkt crosses $1m in open interest, what does it show about Bitcoin?"},"content":{"rendered":"

According to researchers at Skew Markets, total open interest at Bakkt\u2019s Bitcoin futures market \u2014 operated by NYSE parent company ICE<\/a> \u2014 crossed $1 million.<\/p>\n

The Skew Markets researchers said:<\/p>\n

\u201cBakkt slowly taking off – total open interest just crossed $1mln with volumes also ramping up a quite a bit this week. Don't bet against Jeff Sprecher.”<\/p><\/blockquote>\n

While Bakkt\u2019s total open interest is still only a fraction<\/a> of widely used margin trading platforms like BitMEX, which is showing $800 million in total open interest as of Nov. 3, analysts remain optimistic on the trajectory of the platform.<\/p>\n

Why Bakkt is important for Bitcoin<\/h2>\n

Cryptocurrency investors are closely observing the performance of Bakkt<\/a> as a key platform to facilitate the demand<\/a> for Bitcoin from accredited and institutional investors.<\/p>\n

With the involvement of large-scale retailers like Starbucks, Bakkt has the potential to tap into the global consumer market<\/a> with a Bitcoin integration, which Starbucks<\/a> is currently working on.<\/p>\n

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We want to share more about our strategy around unlocking the value of digital assets through consumer payments https:\/\/t.co\/JwfIF9tyYH<\/a><\/p>\n

— Bakkt (@Bakkt) October 28, 2019<\/a><\/p><\/blockquote>\n