Opinion: Institutional investors currently prefer CME over Bakkt

Institutional investors appear to be leading a new round of bull markets. According to data from crypto analysis company Skew, CME Bitcoin futures open interest has risen by 100% since the beginning of the year.
On January 13, CME launched BTC options and defeated Bakkt from day one. In the growing Bitcoin options market, CME's first-day turnover was $ 2.2 million. This number is significantly higher than Bakkt's daily trading volume of $ 520,000. However, it is still far below Deribit for retail investors, which is the dominant force in the BTC options market. Currently, institutional investors prefer CME over Bakkt. Speaking of BTC futures volume, Bakkt has been oscillating between $ 25 million and $ 50 million since December last year. According to data provided by Skew, although Bakkt's open positions also reached a new high, it only reached $ 10 million, while CME's open positions reached $ 240 million.
In addition, the bitcoin futures premium continues to rise. CME traders are more optimistic than other platforms. The annualized premium of the March contract is 13.5%, which is about 2 percentage points higher than other platforms on average.