Bakkt’s Debut Drops Digital Coin Volume

Recently, the trading of an intercontinental exchange, Bakkt physically supported the futures of bitcoin. The backing is because it has noticed something of a slow start at the introduction.

The first Bakkt/ICE futures contract changed hands at $10,115, minutes after the launch. The number of settlements in the first hour remained at just five overall.

Meanwhile, some online observers believe the slow start is a natural development for regulated futures products.

Su Zhu, CEO and CIO of Singapore-based hedge fund Three Arrows Capital, indicated that most regulated futures contracts see low adoption on the first day.

It has happened merely because not all futures brokers are ready to clear them.

Moreover, a famous analyst Joseph Young also reiterates the sentiment via tweet. He is discussing that volumes will soar as brokers “get ready.”

According to a market analyst, Alex Kruger, it will be interesting to see if trading volumes will pick up during the week ahead.

Way back in December 2017, Bitcoin futures on the Chicago Mercantile Exchange (CME) displayed a volume of $460 million in its first week.

So far, Bakkt futures have registered a volume of just over $280,000.

Bitcoin Plunges on Bakkt Unveiling

The bitcoin market has seen no noticeable uplift from the launch.

The spot price of bitcoin (BTC) declined below $10,000. The sum is very near today’s open trading period.

Several spectators consider Bakkt’s futures as a game-changer. They also said it could bring in more institutional volume.

In August, a Cryptocurrency analyst and trader Scott Melker dubbed Bakkt futures the most bullish growth in the history of bitcoin.

Having said that, it is precisely how stimulating the launch will be to the markets. Meanwhile, crypto in general remains speculative.

Moreover, a rise in trading volumes does not always take the lead to bullish price action.

After all, in establishing short positions, traders can use futures.