The Historic Launch of Bakkt’s Bitcoin Futures
On September 22, the Intercontinental Exchange (ICE) officially launched Bitcoin futures on its much-anticipated Bakkt platform. The excitement was palpable as trading commenced at 8 PM EST (00:00 UTC on September 23). However, much like the awkward dance at a high school prom, the launch didn’t quite blow anyone away.
Volume: A Sigh of Disappointment
As of the latest updates, only 18 Bitcoin (BTC) have been traded. The last recorded trading price hung around $10,042.50/BTC, which led many crypto enthusiasts to furrow their brows. One trader humorously noted that this launch felt like a turtle race compared to the first week of CME Bitcoin futures, which saw a whopping $460 million traded. The initial trading volume at Bakkt could be described as an eager but timid teenager at a party.
Comparison with Previous Launches
- CME Bitcoin Futures: $460 million in the first week
- Current Bakkt Volume: Approximately $700 million (as a point of future reference)
- Van Eck Fake ETF: $0 in its first week; now that’s a conversation starter!
Physical Delivery – A Double-Edged Sword
Prominent cryptocurrency investor Ari Paul weighed in on the matter, arguing that the physical delivery model of Bakkt’s contracts might lead to a more gradual adoption curve. His reasoning suggests that traders could be hesitant to dive into the physical aspects at the onset. “Receiving could be instant, but depositing physical will be gradual,” he remarked, likely envisioning a scene reminiscent of waiting in line for a rollercoaster ride.
Price Action and Market Outlook
Despite all the chatter, Bitcoin didn’t seem to register the launch fever, remaining sluggishly below the $10,000 mark. Traders are now left anxiously waiting to see how Bakkt’s products might affect the market in the coming days. Historical trends like CME Bitcoin futures’ expiration dates squeezing prices lend weight to this anticipation, as traders are always on the lookout for signs of impact.
Institutional Trust: The Bigger Picture
Fundstrat’s Tom Lee, a well-known bull in the Bitcoin arena, took to Twitter just days before the launch to express optimism regarding Bakkt’s potential to build institutional trust in cryptocurrencies. As we ride this wave of Bitcoin futures, one can’t help but wonder if this will be the turning point that ushers in a new era for institutional adoption.
So, while the winds of change may be blowing, we sit in a waiting room of sorts, clutching our popcorn and hoping for an epic blockbuster moment for Bakkt’s Bitcoin futures.
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