Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think
Richard Rosenblum, co-founder of GSR, points out the lackluster growth in listed options hides the real action taking place in OTC hedges.
Bitcoin futures listed on the Chicago Mercantile Exchange rose to multi-month highs, breaking above $10,000 early Friday.
While bitcoin hit fresh three-month highs on Wednesday, open interest in monthly bitcoin futures on the Intercontinental Exchange's (ICE) Bakkt platform jumped to record highs.
Daily trading volume in bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) dropped to year-to-date lows on Friday.
Bakkt's pending acquisition of Bridge2 Solutions, a loyalty program marketplace, will "expand Bakkt's presence across an asset class that today spans over $1 trillion in value," says its parent firm ICE's CEO, Jeffrey Sprecher.
Intercontinental Exchange, Bakkt's parent firm, has acquired loyalty services provider Bridge2 Solutions to boost Bakkt's efforts to build a consumer-focused crypto payments app.