RATE Group | Bakkt Physical Bitcoin Futures Beat Cash Ahead of Major CME Expiry
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Bakkt Physical Bitcoin Futures Beat Cash Ahead of Major CME Expiry

27 May Bakkt Physical Bitcoin Futures Beat Cash Ahead of Major CME Expiry

Posted at 14:49h in Bitcoin News by

Bitcoin (BTC) 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.

Tide turns against cash settlement

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. This was the case throughout March and April, as volatility underscored investors’ desire for cash.

May meanwhile also saw a daily record for physically-settled futures at Bakkt at $43 million. 

Bakkt Bitcoin futures chart. Source: Skew

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. 

CME’s open…

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