Bakkt Bitcoin options market hosts first block deal with Galaxy and XBTO
Intercontinental Exchange, the operator of the network of exchanges and clearing houses, has announced the conclusion of the first block deal on new Bitcoin options with monthly settlements on the Bakkt platform on the ICE Futures U.S platform.
“These options build on our benchmark deliverable bitcoin futures and offer clients a new capital-saving tool for trading and managing volatility, accounting for risk and generating income,” said ICE Futures U.S. President Trabe Bland.
Bakkt’s first Bitcoin options transaction was conducted by Mike Novogratz’s crypto investment company Galaxy Digital Trading and financial firm XBTO, offering OTC trading, asset management, consulting and derivatives.
“We believe that the development of the institutional market infrastructure will lead to the formation of deeper liquidity in digital assets,” said Josh Lim, head of trading strategies for Galaxy Digital Trading. “The entry of Bitcoin options with centralized clearing on a US regulated exchange is an important achievement for this market.”.
A block deal is a negotiated deal with a specific minimum amount cap, explains Intercontinental Exchange.
It is worth noting that Galaxy Digital and XBTO were also the first companies to complete a blockchain transaction on Bakkt’s major bitcoin futures. It happened at the end of October.
According to the Twitter account of the Bakkt Volume Bot, Bakkt has been demonstrating a downward trend in trading volumes over the past week. Having reached a peak above $ 42 million at the end of November, most of the time the value is at the level of $ 15 million. The volume of active positions remains at a sufficiently high level for this site and amounts to $ 5.6 million..
Events are developing against the backdrop of another period of calm in the bitcoin market – after a sharp rise in October and a decline in November, the price of the leading cryptocurrency remains in a narrow range between $ 7,200 and $ 7,500.
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