Total interest on ICE-backed Bakkt Bitcoin Futures contracts had touched a new all-time high of $13 million. Open Interest represents the total open positions held by market participants on the exchange. Since an increase in Open Interest highlights capital flowing into the market, market sentiment could be more bullish for investors on the Bakkt exchange.
As per report volume on the exchange for its monthly Bitcoin Futures has been steadily rising since the start of the year.
According to Bakkt’s About Us Page, it’s “mission is to expand access to the global economy by building trust in and unlocking the value of digital assets.”
While trying to categorize Bakkt Bitcoin Futures, it further explained that “Bakkt Trust Company LLC, a subsidiary of Bakkt Holdings, LLC, is licensed by the State of New York to provide custody of bitcoin and is a qualified custodian under applicable laws. Registered with the Financial Crimes Enforcement Network (“FinCEN”), Bakkt Trust Company complies with FinCEN’s applicable regulations and guidance.”