Bitcoin Futures Traders Bet on Bullish Price Action, but Not Too Fast

Bitcoin (BTC) futures trading has been on a high since July 21 with both the Chicago Mercantile Exchange and Bakkt seeing sizeable increases in volume and open interest for their contracts.

Amid the current positive price action for Bitcoin, bullish sentiment appears to be gathering steam in the BTC futures market.

The price surge for BTC comes amid a raft of positive news for the crypto space with the United States Office of the Comptroller of the Currency allowing national banks to offer cryptocurrency custody services.

The same trend can be observed for Bakkt, with open interest at an all-time high of $22 million, but trading volume has been on a downward slide for both its cash and physically settled futures contracts.

Joe DiPasquale, the CEO of crypto hedge fund BitBull Capital, told Cointelegraph that the high OI points toward traders expecting an impending uptick in volatility:

While the Grayscale Bitcoin Trust is still the overwhelmingly dominant product in the company’s catalog, Litecoin (LTC) shares have grown over the past month, which indicates some institutional appetite for the seventh-largest crypto by market capitalization.

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