Wednesday, October 27, 2021

Bakkt flops on day one, only 72 bitcoin contracts traded.

The Takeaway:

The first day for Bakkt futures contracts ended up in disappointment as only 72 bitcoin contracts were traded. Launch of Bakkt was hailed as positive for the bitcoin market. However, experts believe it is too early to write off the company as brokers will slowly get ready to clear contracts.

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After many delays and much anticipation, Bakkt finally launched its bitcoin futures trading contracts yesterday. The ICE backed Bakkt’s first day ended in disappointment. Only 72 bitcoins worth $701,000 were traded during the first day. The first trade happened minutes after the launch as the first contract changed hands at $10,115.

If compared to Chicago-based CME’s first-day, Bakkt’s numbers are nothing. On the first day of CME, 5298 bitcoins were traded that is 75 times more than Bakkt. However, many experts believe its too early to judge the company’s future. CEO and CIO of Singapore-based Three Arrows capital tweeted that most regulated futures contracts usually see a low adoption on the first day. He added that all brokers are not ready to clear contracts. 

Bakkt’s launch was hailed as a big positive for the bitcoin market. Some analysts even called the Bakkt as the most bullish development in the history of bitcoin. However, it is too early to jump to a conclusion, but Bakkt did not get off the ground as they would have liked. 

Bakkt’s physically traded bitcoin futures are one of a kind as they are settled with bitcoin payments, unlike CME where contracts are settled with cash. Let us know in comments what do you think about the launch of Bakkt, and where is it headed?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

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