I might be missing something but i don't understand why we still take care about bakkt and CME volumes, price gaps etc. We had a hype in 2017-2018 about those two and both failed expectations (huge investors entering crypto market hype).
I don't know, but it does give an indication of how interested deep-pocket and institutional investors are in bitcoin, and that's some good data to know.
I still haven't figured this out or got a good answer to it: Does any of the futures trading on Bakkt or the CME affect the price of bitcoin that gets reported (the spot price)? I've always thought the answer is no, that the price is determined by what bitcoin is selling for on the major crypto exchanges (like Binance, Coinbase, etc.).
Not sure what's happening to cause all this interest in bitcoin on Bakkt, but I'm all for it if they're betting on higher prices with the options contracts and such. Plus there's that story about MSTR buying up a huge amount of bitcoin for their cash reserves. Seems like corporate America (and maybe other countries as well) are bullish on bitcoin for some reason.