Bitcoin Forum

This was always the "moonshot bet" of the NYSE ownership, looks like an underwhelming start to Bakkt trading with only 7 BTC traded.

How will Wall Street react to Bitcoin-settled futures?

https://www.instagram.com/p/B2vLp43pI2A/

Not sure how it works, but do new future exchanges mostly have high volume at their first day? And take note that this is a bitcoin futures exchange, not your typical futures exchange. People will still be skeptical of bitcoin as per usual. I'm guessing that this will be a slow and steady increase in the long term, as people(hopefully) learn more about bitcoin.

I'm still optimistic that Bakkt is a great move by ICE, because I don't think the owner is someone who just yolo opens businesses without deeply thinking about it and having researchers to see if there is actually potential demand. Just my 2 satoshis.

Yeah there's not much precedent to know for sure how much volume to expect at launch, but 7 BTC is basically nothing. It's not even $100,000 and this is supposed to be a platform for institutional traders. I'd expect to see trading volume into the tens of millions of dollars very shortly after launch

Bitcoin is still a controversial currency to a lot of traders, especially to the conventional ones! Today is the first day of bakkt I don't know from where did you get the figure of 7 btc only. The instagram link you have shared, did not talk about the volume!

I am still very optimistic about Bakkt because no other exchange offers physically settled bitcoin future contracts! It may take its own sweet time but eventually Bakkt will become a major volume driver in the crypto market.

You must have too high expectations about it. Try to mellow it down, or get disappointed with the result. Also, this is just day one!

I don't expect Bakkt trading to be as loud and attractive out there as we have heard about it from in here. The hype of Bakkt is basically focused within the crypto community as it is another great step toward hitting the mainstream. But I'm not sure how the traditional traders outside the crypto world accept it. For sure, there will be doubts, there will be testing of the waters first. You cannot expect the majority of them to jump head-on into it. But what I'm sure of is that this is going to get better in the long run. There will be gradual effect rather than instant.

doesn't "so far" in this context means the past 4 hours? since it seems like Bakkt just started running their market. and if that is true, then 7BTC/4 hour is not such a small figure for something that is not even a day old. that is $70k we are talking about not a small amount of money.

also next time try to provide a more reliable link than an instagram post!

Here you go, Bakkt data links

Daily - https://www.theice.com/products/72035483/Bakkt-Bitcoin-USD-Daily-Futures-Contract/data

Monthly - https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data

But the data's are missing right now. I believe they'll sort it out soon.
Edit: Data are available now and volume is now 63 BTC and counting, not bad if you would ask me.

Easy, man, this is not the time to draw hasty conclusions after several hours from the start of the Bakkt service. And yes - there is no rush demand.

Click on the image to check the current volume. 5 hours after the launch Volume 18BTC. This will take time to capture high volume but I think community expected more volumes at the launch.

https://i.imgur.com/JP5ad9G.png (https://www.bakkt.com/markets)

I think it is a bit too early for people to judge Bakkt's Bitcoin trading volume, because traders still need to understand the whole concept behind the thing they are trading, before they are going to jump into something like this. We have a scenario where people are looking at what other people are doing and once this takes off, it will go up like crazy.  ;)

The most important things is the fact that it allows for institutional traders to trade in actual bitcoins now and that is something significant. There will also be some "events" that would push traders to look for safe havens and we know Bitcoin is perceived as a safe haven.  ;)

It has gone up to 18BTC in 7 hours. 2.5BTC/h.
And, no, it's a ridiculously low amount for all the hype that was chanted for almost a year about the whole thing, they are close to the average Wallmart sales per day.  ;D And if we're at a point of comparing the most awaited event, the thing that was supposed to drive in "institutional" money to BTC to a Wallmart...


It certainly didn't act like when we think of the recent events, from the escalation of the trade war to the oil attacks.
And if it were we would probably see a volume worth more than....see above :P.


Oh, and I'm not really disappointed about the numbers, I don't see Bakkt as something that is a must for the crypto environment, nor can I say I trust a single thing coming from them. Why just because they are dealing with BTC now suddenly they are the good guys? The less influence they have overall the happier I am.

Bakkt needs time for people to try how it works. I think we should talk about the result of the work done, at least a month after the launch of Bitcoin futures.

Apparently amid falling interest rates, investors are more interested in continuing to inflate the stock market with buybacks. ;D

It's already 26BTC, so it's going up nicely, imho even better than I expected, given it's the first day and some may avoid it today because of this (?).

Launching on a Sunday night isn't the most extravagant way of doing it. Let us give it a week or so.

Even then why would there be masses of excitement, volume and FOMO? There sure as shit isn't anywhere else.

I was expecting nothing and it looks like I'll get it. Better than a dump at least.

At the moment, Bakkt has already seen 18 Bitcoins. Maybe it takes time for people to get involved in Bitcoin futures? Understand this is new to users, it scares to start

You can pass your verdict when bakkt reaches 100 days in the office, you know,  the usual way it is done with public office holders  ;D I think given the situation, it is not even up to a day in office, so It is too early to start making public complaints, let all the institutions start getting involve and let see how the performance will be, the hype already died down long ago.

I have the feeling that users have to high expectations from Bakkt but at the end they might get disappointed.
It's only the begininig but and it takes some time to see the effects but I don't think that will influence Bitcoin significantly. Still I wouldn't like to make conclusions at the moment, let's wait a while.

It's the same as everything else. The crypto kids want it NOW and if it doesn't happen then their attention wanders back to kitten or beheading videos. Stuff like this sneaks up, it doesn't grind its crotch in your face from the off.

The CME futures thing is the same. It was piddling on launch. When a few could be bothered to check it again quite some time later it was doing very muscular volumes indeed.

What do you expect, thousands of BTC being purchased on the first day? As everyone has been saying, Bakkt excitement is no longer there since it's been long overdue. We have seen Wall Street react when CBoE and CME have open a bitcoin future contract, and majority will tell you that it didn't end up good because it started the bearish cycle of the market.

But we will see, it's just the opening, maybe we can see some whales or big institutions to go and play with whole "Bitcoin-settled futures", however, I'm not putting high expectations so that I won't get disappointed.

Bakkt is targeting institutional investors, and they are still suspicious and cautious of crypto in any shape or form. They will come, but they will do so carefully, one small step at a time. Someone will try it out, see that it works, and others will be encouraged to do the same. Remember, they have no experience with crypto, and their knowledge of it is questionable as well. It is completely new to them, and they need time to become comfortable about it.

It's because it just started, why not give it sometime to grow?

It won't grow overnight, remember that we are still in a cycle wherein there is no movement. Last two months the price of bitcoin seems just to hover around $10k, indicating that we are in a sideway patterns. Or maybe institutional investors are just waiting and observing from behind before they pour their money. So give it something and just how it pan out in the next coming days.

Apparently it was expected to be slow. As most of the people would like to wait and see what happpens. As of now, 29 BTC has been traded which is decent in itself.

i think a contract is 10 btc, so 28 =280btc

Well this keeps increasing, the price is less than $ 10K, but I think the best way to buy is by lowering prices, right?  Go 71 Bitcoins!

https://i.imgur.com/eAX1Kj9.png
https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

Taking into account that Strong Hands always buy cheap, the market is going the right way, of course the corresponding FUD will not be missing, but that is something else.

We now have 73 BTC volume, give these guys some time, although BTC price has dumped after listing, I am positive about it.

haha, yeah but still ignoring all that hype, i'd say it has grown nicely over the past 24 hours and the volume seems to be constantly increasing. i don't think "institutional" investors are waiting to jump in with their head first just because Bakkt started.
on a side note, it is interesting how there is a big sell pressure over the past 24 hours on the actual market pushing the price down though.

By the way, does anyone know the Bakkt pricing mechanism? How is the problem of protection against price manipulations to which some cryptocurrency exchanges exposed? Why the price for now is 9787.5$, not 5000$ or 15000$? I tried to find information about this and to no avail.

Nothing can be protected by manipulation, so Bakkt will also be subject for it if not actually the ones manipulating it.
AFAIK they opened the market at an average price based on a few exchanges, what mechanisms they have to protect against this so-called manipulation probably the same thing from their other products apply, I haven't managed to find anything specific.

But as long as there is no tether involved, no CFD, the impact should be minimal compared to what we have seen before, and this is the only thing I like about them if they will really act this way and they do have the real bitcoins in their "warehouse". So, the lesser of two evils.

https://www.theice.com/products/72035483

So no, it's 1 bitcoin.

Funny fact, with that volume Bakkt's usd/btc pair would be below place 341 on CMC.   ;D and the exchange itself on 131.

This is understandable, but which exchanges and with what weight? Does it not seem strange to you that the Bakkt pricing mechanism is not transparent?

I think that it's too early to say that bakkt failed. In my opinion bakkt need a little bit more time and is long term bullish. But the fact that people expected a big price increase because of the launch of bakkt can be short term bearish due to the disappointing.

I guess the dump of Bitcoin price-wise was expected after BAKKT launching its services to the world. I think we need to give them time to get settled in their new role and so far 73 BTC is not bad at all for the new company doing business this way. I wonder though if the big institutions are responsible for bringing the price down today in order to procure more and cheaper BTC at wholesale prices, so they can then flog them at higher prices to their clients and customers/ I always think this happens and that's why Wall St is so phat and plump because it always feeds during recession times and hedges against its own products to drop the price to all-time lows. Let's see what the post BAKKT effect will bring to the markets over the coming weeks. At the moment it's not looking very good and the market has dropped a lot today. I wonder if Bitcoin will retrace back to 3.5k USD.

Any market exists only in motion, while transactions are made, therefore, seeks to maximize the volume of trading. If there is little volume at a price of $ 10,000, then you need a discount to be more willing to buy. :)

Like most of the exchanges, it will take some time that people would soon realize the relevance and innovation of Bakkt has provided. Although the initial stage is worse than expected, it is still early to conclude about its success. Also, do note that they offer an exchange where it involves real contracts, which no exchange has ever done. Give it some time and exposure until people realize the relevance of each transaction.


Concluding that Bakkt failed prematurely is hasty generalization and conclusion. It will require some time until the people realize the effects of its transactions. Most are still skeptical and doubtful on using the exchange but it is plainly normal for anyone to think that way. Again, give it some time!

The Bakkt platform has just begun its work, therefore, the trading volume is not as large as expected. In addition, the launch of trading in Bitcoin futures coincided with a large decrease in the price of Bitcoin, which can also slow down the growth in trading volume on Bakkt. I think that in a growing market, trading volumes would be several times higher.

In my opinion. I don't see the reason why some people are happy about the Bakkt futures because the last time I checked every futures market or project which were open before(CBOE,CME etc) Bakkt only lead to the downtrend in price of the bitcoin market which is what the crypto market is currently experiencing but the good things usually come out of it though.

Bakkt is not the only platform to get your BTCs at so it's possible that people are still on their regular exchanges doing their regular thing. And it's only a few hours on Bakkt's opening so it makes sense that the data isn't that high yet. I agree that the results are somewhat underwhelming given the hype it has received for the past year, but we'll never know what it brings within the next coming days. The hype generated + the results we're seeing right now doesn't match our expectations so far, and that's something.

The launch of bakkt is now a past event and it has negative effect on the price so far, but I don't care anymore, I think the focus now should be on upcoming event which is bitcoin halving that will take place on 15 May 2020, 232 days from now. It expects to play a role in moving the price once the media start to talk about it. We must take advantage of those events before they occur, not after. As the price most of time rises before the event and decrease after it ( talking about positive events ).

I don't know why others are expecting too much on Bakkt on its inception. Do those guys really believe that a big pump should happen no matter what within overnight after its launch?

Too much expectation now leads them to lots of negative thoughts.

As the saying says, if those people can't handle bitcoin's 20% loss, then they don't deserve its future gains.

Welcome to crypto!

Bakkt platform will have an impact on the bitcoin but this is not going to happen in days or weeks.  In the coming months the Bitcoin will be more stable only because of bakkt.
One thing more which I would like to add here is that Bitcoin would have dump to 6000$ again but maybe it is because of the bakkt investments it is not dumping and stable at $8000. We cannot ignore the bakkt factor.

Bakkt was surely disappointing on the first day but its effects were never expected to be seen on its initial launch! Bakkt effects on the market would gradually show throughout the weeks or months. It is a long term effect that we are looking for, not just a single day or a week lasting one but one that could last for years. A lot of people have had some misconceptions about how Bakkt could pump the price with its release which raised it too much high. Because of a lot of expectations, when it didn't perform as well as what people thought, they readily said that Bakkt was a disappointment and such but everything you expected was only hyped made by other people. Its path is just beginning so let us just wait for its progress instead of expecting it to suddenly pump with its launch.

Today's Bakkt volume is around 7X times what it was when this thread was posted. You can obviously notice that the investors interest/participation is gradually increasing. Of course that 46 BTC is only around $400,000 which is nothing compared to the Bitmex 1.5 billion USD daily volume. But it's good to see it increasing. Maybe institutional are still a little bit afraid or maybe waiting for something  ::)

Anyway I'm very bullish on it even if daddy Bakkt hasn't shown his powers yet.

Exactly what I was pointing out since many days. The thing is no one is interested in Bitcoin futures than a few cryptocurrency enthusiasts and these enthusiasts prefer exchanges such as Binance & more importantly Bitmex where there is huge volumes and no need of KYC for any types of withdrawals. Moreover People expected a certain pump due to the Bakkt which didn't happen because of such weak response from futures. The most weird thing is that this decision was delayed numerous time and everytime it was delayed btc suffered a dump. So I think all this was not worth of what happened on Bakkt. Moreover if there is such a bleak response on Bakkt other exchanges will be pretty reluctant to start anything like this

Institutional traders PREFER to trade cash backed Futures, so it will take time for them to get used to asset backed Futures like the Bakkt offering. The price has also gone down, so they have not experienced a "pump" yet... you will see a sudden increase in the volume being traded on Bakkt, when we see a pump again.  ;)

How many investment options do you know that experience a 20%+ pump in a price in a matter of days... and this is going to be the trigger for institutional investors when it happens.  ;D

thats a good sign of whats to come.
maybe give bakkt 1 year to really see the impact it has on the market, crypto market is in such a rush all the time,everything has to happen so fast or its a failure.

I don't know, it still seems like a failure. Even if the interest will increase over time, it is not increasing remotely good enough to become a big thing. And I guess we can blame Bakkt for what's happened with Bitcoin's price. Maybe it's a good thing that Bakkt is failing, though. I really don't see how futures contracts can be good for Bitcoin. They are the very opposite of the free market. Futures mean that people agree about the buy/sell prices on a certain day in the future regardless of what the prices will actually be like. If people perceive Bitcoin through futures, they miss one of the most important things about Bitcoin.

I also have the feeling that Bakkt is failure. Although it's still at the begininig the progress is not looking promising and the final effect will not be as many expected. And so far it certainly didn't push the Bitcoin price that was also part of expectations. But let's give Bakkt some more time before final conclusion.

It is really so sad. Bakkt has created a 'hype' among people but it couldn't be effective at all. It is even worse than other amateur platforms. I understood that we shouldn't be hyped for all news like this.

Omg bakkt is the biggest disappointment of this year

It's true that we had a lot of expectations towards Bakkt, but it requires a lot of time to get established in this platform so we don't expect from this platform too early. Bakkt has launched with a lot of initiatives towards Bitcoin's popularity and acceptance around the world, but it's also true that Bakkt has traded almost $400,000 which is around 46 BTC, although it's not enough to declare this one is going good but I think it will perform better with the time because you have to consider this market is not going well in recent time, price also falling down and people are trading less than what they did, so all the responsible not goes to the Bakkt, It is yet in the early stage and doing good day by day.

Oh well, we really hard to understand that Bakkt is not the catalyst for the eventual bull run that we all wanted to see. I would agree that it was a bit disappointed, however, it's not yet over. I mean it just started maybe when we enter a bull run similar to 2017 we might see Bakkt gain momentum. But for now, we can't really do anything, but to wait a little longer, it's too early to say the positive effect on the market.

It did disappoint, but it's not only Bakkt we should blame for this, but also the many perma bulls here who kept telling others how much impact it would have on the market the moment it goes live.

If you think logically, there isn't much latent retail or institutional demand. Retailers already know where to go to buy spot Bitcoin, and institutions already know that they are well served by the CME when it comes to monthly futures.

The CME also announced options trading, which means that there is even less incentive to use something like Bakkt. It could be that the volumes pick up later on, but I really doubt it. Bakkt's volumes keep declining.

pretty good start in my opinion but will leave controversy people will say how a large exchange or one that is expected to have a small turnaround at the start of his release one would assume another popular exchange is superior far from bakkt with a daily turnover of hundreds of millions of $, but that is just the beginning we did not will know what happens in the future, isn't the BTC at the beginning of the release considered worthless.

For those interested to follow their volume, here is a bot:

(https://twitter.com/BakktBot)


So I don't know if we can consider this a good sign, long way to go for Bakkt to really affect the price of Bitcoin in the positive way. I think the hype has died down already, unless some actors decided to pour huge money and try to play the market, Bakkt will continue to grind day-to-day, IMHO.

The hype has quite definitively died down, and I haven't seen many Bakkt threads being bumped lately.  Seems very much like it flopped and that the big wall street players aren't interested in speculating in bitcoin.  It does make me wonder who exactly is using it.

Grind is precisely what Bakkt is doing but this could change.  You know what?  If bitcoin starts to increase in value and forms an upward bull trend, traders might start wanting to get in on the action, and instead of buying actual bitcoin they'll use Bakkt's derivatives.  It's still kind of early to tell if all of this was a disaster, so I'm going to keep watching.

in fact, almost every project in cryptospace is considerably sufferring in the beginning. There's no project that booms after it is just get released. Even bitcoin which started all of it suffered way back 2011, hopefully, a good marketing strategy and platforms yields its success. Let this be an inspiration and a standard in viewing projects holistically. A success will be achieve slowly, but surely.

In the link you have given on Instagram there was no mention of   7 btc being traded. The only thing mentioned is this:

 " At 8:02pm EST, the first Bitcoin futures contract was traded at a price of $10,115 per BTC.
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
How will Wall Street react to the launch of Bakkt’s Bitcoin futures exchange and ICE’s ‘moonshot bet’?"

https://www.instagram.com/p/B2vLp43pI2A/

I hope you can place the link where you derived the figure which is 7 btc. At the moment I guess Wall Street will not really mind since Bakkts's bitcoin futures exchange volume has just started. But if the volume will increase and the number of users/investors at Bakkt then that will be the time when wall street will be threatened and possibly will launch its own bitcoin futures.

This doesn't really showcase proof of how much has been traded, and it's Wall Street so who would really be so fast to get some BTC. Let's have some patience.

It's died down for sure though, over the last month it seems like no one just really cares about Bakkt anymore, and no one in wall street really enjoys speculating into BTC.

See, that's the problem with hype — everyone expects that the new thing will magically solve all of the problems or be a major success right off the bat. It took BTC 9 years to reach 20k, it didn't do it within a month. Similarly, just because Bakkt got launched, it doesn't mean that institutions would just rush over and start throwing their money into crypto space. The fact that any trading has been done so early on is a pretty good start. There were no incidents, which is also good. Now, let the hype die down, and let institutions slowly tra to experiment with the exchange, one $ at a time if need be.

Same as what I understand,the problem about BAKKT is being expected to bring Fortune to everyone in which resulted to mass expectations.
This is the reason why it brings nothing but failure,some take advantage of the situation and added more negative effect

But if will look at this in the long run?we can find the true value why BAKKT is created and just like everything in this market all starts from zero ,even bitcoin took years before being supported so let’s just wait and don’t rus about matter

Everything starts in small trades ,the problem with BAKKT is the over expectations that’s why people are very disappointed with the outcome after release but eventually it will be understand and gain investors as I believe that this is one good for our future preferences
Sometimes exaggeration is really the problem in this market when people reacting too much for things they don’t really understand

it's really terrible if only using a little trading capital like that won't be able to move the place of exchange and I think it's just a joke that can be used to try to entertain traders and hopefully it's only untrue news because if it really happens then BAKT doesn't can have a good impact on the price of bitcoin.

something goes wrong here(
the expectations were really high in the beginning and we have what we have
I've just googled some more recent data about BAKKT trades, but not much info I found, but quite a lot of posts/news how excited people were before and after the launch of BAKKT..
sadly now there are no excited posts... but maybe it will work out?

Low volume from early days of its release is pretty normal bro. Yes I get it that you're maybe confused on why only 7 btc is traded in bakkt after all those hype. Lets give it a little bit more time so we can see the full potential of it.
The hype bakkt had created didn't give any big fruits on its first day but I think as time goes by bakkt will grow bigger and more volumes will be expected.

Totally! Bakkt is still on early stage so don't expect too much, I don't get it why some people giving a lot of negative views with Bakkt knowing that it could provide a good impact in crypto-space in the long run. We should give Bakkt a little space and maybe after a few year we will see its full potential.

It seems Bakkt has potential for the future. It failed to satisfy when it was first launched. But Bakkt has started to pull itself together and gives green light to the future. I hope it will come to a way better levels than now and we will be happy about Bakkt.

Today i read an article about the app of bakkt to make payments. This will allow tons of users to pay with bitcoins and in this point we should see a bigger volume. Because 7 BTC is a really low amount for a big size company as bakkt.

I think the problem with bakkat is the trust the coin, people know how bitcoin represents a big risk, and they are afraid of that. Only people who like big risks will flip the coin.

Lol, are you following Bakkt now?


https://twitter.com/BakktBot/status/1189383874838704129

the 7 BTC traded that the OP was mentioning was since their launch, I know it's gonna disappointing, but it looks like they have rebounded in the last week or two, even reaching all-time-high in their trading volume.

And they Bakkt bitcoin options on futures to launch December 9: an industry first (https://medium.com/bakkt-blog/bakkt-bitcoin-options-on-futures-to-launch-december-9-an-industry-first-8fb2bd686abb). So obviously, everything is looking bright right now with regards to Bakkt trading. Everyone has been hyping or least waiting for Bakkt to be the next catalyst, so let's see how it pan out.

The fact that now the trading volume of Bakkt is low is normal because this platform was created for the long term. Over time, its volume will increase, because the institutional will come via Bakkt, but this cannot happen quickly.

@Yaunfitda there’s no doubt that Bakkt has disappointed everyone post it’s launch, but these trades are encouraging and could impact bitcoins prices in the future. In the past year yes we all were considering Bakkt to be the catalyst for bitcoin prices, but it got delayed so many times that we lost interest in it. However I’m hoping that we can see some positive impact from the December 9th event i.e. launch of Bakkts bitcoin futures.

I am even sure that the traded volume would have even increased by now, people are not really just following up much on them again because of the impression that some manipulators created in the mind of people, investors and users that would have gone on the platform, they made it look like this bakkt was a curse because it was the time that they were released bitcoin crashed to $8000, but as you said, I think that we need to give them more time to really prove themselves and redeem their image back because I know that what happened then really had nothing to do with the fall of bitcoin, it must have just been some coincidence, or a game purposely played by those who understand the goal of bakkt and would not want to see it stand.

Did you really check the post above you? It says that Bakkt volume is slowly increasing day by day.

I understand that it might take a hard grind here, but the problem is that so many people specially from last year, thought that Bakkt could reignite investors enthusiasm to bitcoin and could push the price again. So I guess that is not the case and it could take months or even year to finally see the positive impact on Bakkt in the ecosystem.

Looks like Bakkt has come a huge way since only trading 7 BTC worth of futures in the first day.

Nowadays the estimation bot predicts that Bakkt will sell at least 200 BTC worth of contracts in a day, while some estimates are over 1,000 BTC in a day.

Looks like physically delivered bitcoin isn't such a failure after all.

Bakkt already hit its All Time High after it traded 450 bitcoin futures contract. Last October it already traded 441 bitcoin futures contracts for this month and already trading to the month of december. Bakkt is really something we should watch though it is a bit off when it was launched. 1,000 bitcoin contracts in a day is not impossible for Bakkt but quite hard to reach in 1 to 2 months.

And this is while things are pretty much dead, apart from the occasional spurt. Just goes to show how incapable many people are of conceiving anything beyond the next five minutes.

It will make for a very dramatic spectacle at the height of a bubble, and maybe even more so when it pops.