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"<div id=\"node-0\"><p class=\"text \">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. </p></div><div id=\"node-1\"><p class=\"text \">Open interest, or the number of open futures contracts, rose to $13 million, surpassing the previous record high of $12 million reached on Feb. 3, <a href=\"https://twitter.com/skewdotcom/status/1225348317145595904\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"according to (opens in a new tab)\" data-reactroot=\"\">according to</a> data analytics firm Skew. </p></div><div id=\"node-3\"><p class=\"text \">Open interest has risen sharply, by 13.6 percent from $5.5 million to $13 million over the past two weeks. Open positions on the Chicago Mercantile Exchange's bitcoin futures also jumped to a five-month high of $249 million on Wednesday – up 34.5 percent from $185 million seen two weeks ago. </p></div><div id=\"node-4\"><p class=\"text \">Bitcoin's price has risen by 19 percent since Jan. 24. The cryptocurrency printed a high of $9,775 on Wednesday, a level last seen on Oct. 28.</p></div><div id=\"node-5\"><p class=\"text \">Analysts keep track of changes in open interest to gauge the strength of price moves. </p></div><div id=\"node-6\"><p class=\"text \">An uptick in price along with a rise in open interest indicates there is strength behind the move higher. A trend is said to be lacking substance when the two metrics move in opposite directions. </p></div><div id=\"node-8\"><p class=\"text \">Meanwhile, trading volumes in Bakkt futures have been in a declining trend since hitting a record high of over $44 million, or 6,601 BTC, on Dec. 18.</p></div><div id=\"node-9\"><p class=\"text \">As of Feb. 5, trading volume was $27 million, of which $16 million came from the physically settled futures. </p></div><div id=\"node-10\"><p class=\"text \">Volumes on CME, however, have held strong, with seven sessions in the last two weeks registering more than $500 million volume, as <a href=\"https://twitter.com/skewdotcom/status/1225363398751391745\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"noted by (opens in a new tab)\" data-reactroot=\"\">noted by</a> Skew. </p></div><div id=\"node-11\"><p class=\"text \"> <em>Disclosure: The author does not currently hold any digital assets.</em> </p></div><div><details><summary class=\"heading\">Disclosure<!-- --> <a>Read <!-- -->More<!-- --> </a></summary><p>The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.</p></details></div><script async src=\"http://platform.twitter.com/widgets.js\" charset=\"utf-8\"></script>\r\n<br>Credit: <a href=\"https://www.coindesk.com/open-positions-in-bakkts-bitcoin-futures-jump-to-record-highs\">Source link </a>"
<https://www.coinnewsdaily.com/open-positions-in-bakkts-bitcoin-futures-jump-to-record-highs/>