Bitcoin Futures Market Turning Bullish But Not Bakkt BTC Holders
- Bitcoin Futures Contracts Trading at a Premium
- Bakkt BTC Holders Not Following Upward Trend
- October Saw Asia Bullish on BTC
At the time of writing, the leading cryptocurrency has been trading at $9,145, down 1.93% in the past 24 hours, as per Coincodex.
Meanwhile, it is managing the daily trading volume of $1.24 billion on ten exchanges with real volume. The volume has also taken a drop from $3.5 billion reported on Saturday, the day BTC jumped. This has been the highest daily volume since mid-July.
Bakkt BTC Holders Not Following Upward Trend
Just like the spot exchanges, the volume of Bitcoin futures also skyrocketed. ICE’s physically-settled bitcoin futures platform Bakkt recorded 1179 contracts throughout the day on Oct. 26. Last week, a total of 2185 BTC changed hands which is 250% more volume than its opening week.
The total open interest on bitcoin futures contracts however, is now at 82 contracts that suggest holders of BTC on Bakkt are not following the same upward trend as the volume.
Also, no trades have been done for the daily Bitcoin futures contracts over the last three weeks.
Bitcoin Futures Contracts Trading At A Premium
The last week’s hike also has traders turning bullish on future prices for Bitcoin. All of Bitcoin Futures contracts are being traded at prices higher than the spot price. While CME traders are now trading March contracts at 3.14% premium, other platforms trade on an average of 2.97% premium.
October Saw Asia Bullish on BTC
As we reported, the week of Bitcoin price rise coincided with the festive celebration for Indians. The week not only marked Diwali but also Dhanteras when people buy valuable products and look like this time it was digital gold, BTC.
Bitcoin volume soared 22% on Paxful, with about 54.5 million INR (92 BTC) recorded in volume while LocalBitcoins recorded a trading volume of 87 million INR.
Not just India, China invested 14.3 million Chinese Yuan in Bitcoin (243 BTC), seeing a jump of 34%.
The volume is really small but it is just on Paxful exchange and the Chinese use majorly USDT to buy Bitcoin.
This rally has been, in fact, according to commentators triggered by China’s President Xi Jinping talking about embracing blockchain technology that has the related stocks surging as well.