Bakkt Bitcoin futures smashes daily volume record by 36%

Bakkt, a regulated platform for crypto asset custody and trading owned by Intercontinental Exchange, has reported record daily trading volumes for its physically-settled Bitcoin (BTC) futures contracts. On September 16, Bakkt announced that more than $200 million worth of BTC contracts had been traded over a single day — breaking its previous record by 36%. According to crypto market data aggregator Skew, the record figure is roughly double the average daily volumes posted throughout September so far. Bakkt daily Bitcoin futures volume: Skew Despite being touted as the likely catalyst…

Futures traders are short Bitcoin — 3 reasons it won’t stop the rally

Since Sep. 5, many trades in the Bitcoin (BTC) futures market have been seemingly net short. As the majority of placed bets against BTC, the funding rate of BTC futures contracts turned negative. But in the last 30 hours, the price of Bitcoin increased from $10,211 to as high as $10,878 on Coinbase. The large amounts of shorts in the market are fueling the recovery of BTC for three reasons. The three factors are low funding rates, the likelihood of a short squeeze, and the implications of defending the $10,000…

LedgerX exchange launches physically settled Bitcoin mini futures

LedgerX, a regulated futures exchange in the U.S., has introduced physically-settled Bitcoin (BTC) futures contracts. This allows investors to receive physical delivery of BTC and some analysts believe this will amplify the impact on the price of BTC. XBT/USD daily chart. Source: TradingView.com How physical delivery may impact Bitcoin price? When Bakkt first launched with the backing of its NYSE parent company ICE, it received significant hype. Most of the interest around the platform surrounded its physical delivery of BTC, meaning, if institutions desired, they could actually hold BTC via…

Bitcoin price hits $9.8K as quest to fill futures gap sees 6-week lows

Bitcoin (BTC) hit fresh lows on Sep. 7 as renewed selling pressure saw the largest cryptocurrency return to the $9,800 range. Cryptocurrency market daily snapshot, Sep. 7. Source: Coin360 Analyst eyes BTC price bottom at futures gap Data from Coin360 and Cointelegraph Markets showed more trouble for BTC/USD on Monday, the pair hitting $9,880 — its lowest since July 26. BTC/USD 1-day price chart. Source: Coin360 After mixed performance over the weekend, $10,000 looked increasingly shaky support, something that analysts warn could be pivotal in the short-term. Discussing the current…

Bitcoin price risks losing $10,000 zone toward the CME futures gap

The past week has seen a significant sell-off across the markets with Bitcoin (BTC) losing more than 10% of its value. Other cryptocurrencies have been showing even more weakness as Ether (ETH) dropped by 30%. In addition, the commodity and equity markets have also slid as the Nasdaq had a significant red week as well. The next step for the markets right now would be finding a bottom structure. Let’s look at the charts. Crypto market daily performance snapshot. Source: Coin360 Bitcoin seeks CME gap while holding psychological support of…

Bitcoin price shakes off $157M BTC futures expiry — Is $12,000 next?

Today’s Bitcoin (BTC) futures expiry was lackluster both in terms of price impact and volume. Open interest dropped by a mere $157 million, barely moving from its $5 billion mark.  As CoinTelegraph correctly predicted yesterday, this most recent CME Bitcoin futures expiry was irrelevant. Some $125 million worth of August contracts were set to liquidate today, although preliminary data indicates less than $40 million were not rolled over for the upcoming months. Total open interest, USD million. Source: Bybt.com & CoinTelegraph The chart above shows the total open interest change…

Non event? Why Friday’s $272M CME Bitcoin futures expiry is irrelevant

Chicago Mercantile Exchange (CME) Bitcoin futures and options markets are set to mature this Friday, leading some traders to fear that the most recent BTC dump is a presage of weakening markets. According to a September 2019 Cointelegraph and Arcane Research report, there is typically a 2.3% drop ahead of each monthly CME expiry. Given the size of the upcoming expiry, it’s worth taking a moment to evaluate new data to evaluate if these ‘CME drop’ ghosts continue to spook the markets. The 2019 study mulls “deliberate manipulation” as a…

Dow Futures in Limbo as Fed’s Powell Kicks Off Jackson Hole Symposium

Dow Jones futures were down slightly in the pre-market session. Federal Reserve Chairman will deliver a speech shortly that could have implications on monetary policy. U.S. jobless claims hold above 1 million in the latest week. Futures on the Dow and broader U.S. stock market traded lower Thursday morning, as investors awaited new developments on the stimulus and monetary policy fronts. Dow, S&P 500, Nasdaq Futures Slip Futures on all three major U.S. indexes traded slightly lower on Thursday. The mini Dow Jones futures contract declined 32 points or 0.1%…

Dow Futures Are Flat Today

Dow futures traded narrowly lower on Wednesday after the index snapped a three-day winning streak on Tuesday. Some Federal Reserve officials are growing concerned a “double-dip” recession could batter the U.S. economy. Fed Chair Jerome Powell has a plan – but will it be enough? U.S. stock futures diverged on Wednesday, mirroring their performance from the previous session. The S&P 500 and Nasdaq are poised to climb to new highs, while the Dow Jones Industrial Average (DJIA) is trading narrowly in the red. Dow Futures Trade Cautiously as ‘Jackson Hole’…

Ethereum Price Hits 2-Year High as ETH Futures Open Interest Tops $1.5B

Today the price of Ethereum’s Ether (ETH) hit a two-year high according to data from crypto trading terminal Crryptowatch. Despite the breakout to $445, open interest on ETH futures remains steady at a new record high of $1.5 billion. ETH-USD 4-hour chart. Source: TradingView.com The record high open interest on ETH futures hints that traders remain bullish and further gains could be seen over the coming days. In recent months, Ethereum has seen strong momentum due to the explosive growth of the Decentralized Finance sector. The demand for Ether led…