It would be an understatement to say that the latest bitcoin product launched by this institutional trading platform has performed poorly, as the volume of bitcoin futures contract options on Bakkt has actually dropped to zero.
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According to data from analysis firm Skew, the bitcoin futures exchange managed by Intercontinental Exchange (ICE) has not had any bitcoin options trading on its platform in the past 10 days. Data from the ICE website indicates that its option trading volume was zero from January 20 to 24. It is not traded on the weekend, so the last recorded activity occurred on January 17th, when 20 Bitcoin options changed hands that day.
In contrast, Bakkt's rival, the Chicago Mercantile Exchange (CME), has traded bitcoin options well over the past two weeks. In the first week of trading, the trading volume of BTC options on the Chicago Mercantile Exchange surged from 55 contracts on the first day of trading (about 2.37 million USD) to 120 contracts at the end of the first week (about 5.25 million USD) .
However, investor interest in CME products also seems to be waning. Last week, the exchange registered only 59 Bitcoin options transactions for the entire week.
Tim McCourt, head of the CME Global Equity Index, said in an interview that since the company's first launch of Bitcoin futures in December 2017, "demand for option products has been high."
Earlier this month, when bitcoin options were finally launched at the CME, analysts at JP Morgan expressed the same sentiment, telling Bloomberg that institutional investors have "high expectations" for bitcoin options. ".
So where did all the expectations go?