The launch of the Bakkt crypto platform took place 2 weeks ago. Despite this, Bitcoin futures trading volumes on the website are still low. In this regard, the participants of the crypto community gave their vision of further development of Bakkt.
According to the large part of commentators on Twitter, the project can’t demonstrate huge trading volumes because the platform was initially doomed to failure due to the failure of the ideas underlying it.
— Mia Tam (@_blockandchain_) October 7, 2019
Despite some negative opinions, the crypto community still observes Bakkt as a potential platform for attracting institutional investors to the digital asset market.
In sum, it means you should hold hope in blockchain, but be fucking realistic
— ๑ PANDA ๑ (@PandaofBinance) October 8, 2019
At the same time, commentators note that the transaction volume on Bakkt correlates with the behavior of the BTC rate. Therefore, the indicators of the crypto platform have shown positive dynamics following the growth rate of the most capitalized cryptocurrency.
According to the Bakkt Volume Bot, 104 operations with future contracts were carried out on the platform as of the morning of October 8. The maximum was recorded on September, 27 (166 transactions).
The dynamics of operations on the platform over several days is as follows:
Last Friday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 50 (+2%)
📈 Day before: 49
🚀 All time high: 166
— Bakkt Volume Bot (@BakktBot) October 7, 2019
Note the Bakkt project was an attempt to interest Wall Street representatives in operating with the cryptocurrency. Despite this, only 865 futures contracts were concluded on it during the first 9 days of the platform’s operation.
Will Bakkt Manage to Take Over Part of the Crypto Liquidity?
Initially, the launch of Bakkt was scheduled for November last year. Since that time the launch date of the platform was rescheduled repeatedly. Against the background of long waiting, many participants of the crypto community had high hopes for the project.
However, its launch failed in making institutional investors and Wall Street representatives active. As a result, the start of Bakkt frustrated many users. The result of unjustified expectations was a decline in prices on the digital asset market.
Bakkt contracts are regulated, they are insured, and at the same time, settlement takes place in BTC. Consequently, an ecosystem can operate without the intervention of the U.S. dollar or banks.
If a regular exchange acts for Bitcoin as a race on the highway, we can compare Bakkt with a whole eight-lane highway. In addition, no one estimates the quality of the track by the number of cars drove along it in a day.
If Bakkt is intended for institutional traders, do you think that they will simply enter the random average range without any proper plan? In the end, all of these platforms are primarily designed for smart money.
Another leverage to support the crypto space is Bitcoin ETF. The nearest decision of the US Securities and Exchange Commission (SEC) on a Bitwise application to launch the instrument should be submitted before October, 13. According to representatives of the company, this time the digital securities market is as close as ever to Bitcoin ETF approval.