Record Drop in Bakkt and CME
With the rapid development of the derivatives markets related to the trading transactions of Bitcoin, CME (Chicago Mercantile Exchange) became very popular after the listing of Bitcoin futures contracts in 2017. Another important institution in the field of corporate Bitcoin trading is Bakkt.
After the financial crisis caused by the coronavirus outbreak, Bitcoin was reported to have reached record transaction volumes. However, Bitcoin remained quite passive in these two companies.
Institutional investors stay away from Bitcoin-related investment tools, and this is clearly seen in Bakkt and CME. CME’s advanced success in Bitcoin futures contracts also led to BTC options months ago. The purchases in these options were quite remarkable, and after a week, it has seen figures of $5 million.
Apart from these, the stock market had one of the worst days, having only 3 Bitcoin options contracts in the middle of the week. While a contract was 5 BTC, the total transaction volume was around 15 BTC. In terms of value, it has reached the level of $80,000.
There is no transaction in Bakkt!
Another address for Bitcoin option contracts, Bakkt has been in low volume since late January. To make a little deeper analysis, the number of days when one or more contracts were traded from January 20 to March 20 is only four.
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