How did the Bakkt launch go? Quick recap

[alyssa85]

The first block trade has been executed:

https://decrypt.co/9976/first-block-trade-bakkt-bitcoin-futures-executed

The International Continental Exchange (ICE) today announced that the first block trade on the Bakkt Bitcoin
futures contracts exchange submitted to ICE Futures U.S has been cleared.

The trade, submitted on Tuesday, was between crypto investment fund Galaxy Digital and over-the-counter trading company XBTO. The size of the trade was not disclosed.

The milestone is one of just several Bakkt has knocked since Bakkt launched last week. Bakkt Bitcoin Futures include the physical delivery of bitcoin against a futures contract—meaning that traders can bet on the price of Bitcoin in Bitcoin, rather than betting on the price of Bitcoin using U.S. dollars.

So I guess it's baby steps. We will have to see if more follow.

[ashmodeus]

I don't believe this, if the trade volume on bakkt was much, I could say that it was actually as a result of bakkt and being that they were just released, bakkt only traded 7 btc when they started and that was when the market plunged, how is 7 btc supposed to actually have any positive or any negative effect on the price of bitcoin, to me, I think it was just a coincidence, something else must have happened that probably made bakkt look devilish to people.

i have 2 reason for it.
1. a common reason, people have no interest since just small amount traded on bakkt, also maybe people just waiting for the exact time. and that make price going deep, soo deep.
2. a unique reason, I try to equalize the time when the trade is opened and bad events in the hastrate btc. and as a result, it happened almost simultaneously. so i just have argument,bakkt market is not the main reason for the falling price of btc.

---
about bakkt itself, well, although no big enthusiasm as many people expected, but somehow i just think opened on the end of the year, is a quite good step. wait and see may is a primary option for the professional broker.
so the point, even now bakkt showing a slow start,it's doesn't mean bitcoin futures conract completely failed.
Even expert analysts say it's some kind of the normal things.

[partysaurus]

bakkt was so hyped up from the beginning , and if it release when it was suppose to back in the bull market it could have been a huge boost of the prices, but instead we got postpone after postpone and the hype surround bakkt died alot from all the wait time for it to release.

[Google+]

BAKT was launched when investors didn't care much anymore and were too disappointed because they waited too long while the market conditions also didn't support because the price of bitcoin fell so there was no support at all, it's different if the price of bitcoin goes up and there is good news bakt launched then it can make a big impact.

[ashmodeus]

bakkt was so hyped up from the beginning , and if it release when it was suppose to back in the bull market it could have been a huge boost of the prices, but instead we got postpone after postpone and the hype surround bakkt died alot from all the wait time for it to release.

because it not easy , and i guess u know that.
regulation , rules , like a new product launches.
know the risks, mitigation to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. so may it take more time for the launch.

[coinfinger]

We can't really say "bakkt was the reason for the fall" exactly, was it the cause? yes but we can't call it like that. When you say "bakkt caused the drop" it sounds like bakkt sold thousands of bitcoins to drop the price directly, like they wanted it to go down and manipulated the market for it.

We all know that is not the case, they just started their thing and they didn't get any attention and there were a lot of people who thought there would be a high volume and people sold their cryptos when they saw no volume there. It means bakkt was the cause but the drop could be tied to them indirectly not directly, they didn't drop the price, they just made other people think about selling when there was no volume. So we can say "bakkt was the cause of sellers dropping the price" or something with better wording.

[alyssa85]

We've got some information now about how many contracts are being traded on Bakkt:



Image comes from the Bakkt twitter feed:

https://twitter.com/BakktBot

According to this tweet, they've traded 125 contracts today, up from just 25 yesterday:

https://twitter.com/BakktBot/status/1181993256227393536

But overall, it's not looking that great.

[magneto]

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?

Correlation doesn't equal causation.

I don't think that Bakkt's launch had anything to do with the recent downturn in crypto markets. I just don't see how a futures market launching, which has pretty much less interest now than probably even Bitmex or Deribit would have such a vastly negative effect on prices.

Like others say, I echo their sentiment in regards to Bakkt probably regretting the hell out of their decision to launch now. Their projections probably showed that BTC will continue to be in an uptrend, but they just coincidentally got it damn wrong.

[NathanJB]

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?

I think you need to read first even the fundamentals of Bakkt out of here. The responses here will not be enough for you to become familiar with it. Well, Bakkt is basically a Bitcoin-futures trading. It is celebrated because it is owned by ICE which is the same owner of the largest stock exchange in the world, New York Stock Exchange (NYSE). But during the launch date itself, the performance was less than stellar. The volume was low. And aside from that, the price of Bitcoin was also in red. This might be coincidental but it also sent the fact that Bakkt's hype was all air. It was not able to bring Bitcoin's price even a little higher.

[redsun114]

We can't really say "bakkt was the reason for the fall" exactly, was it the cause? yes but we can't call it like that. When you say "bakkt caused the drop" it sounds like bakkt sold thousands of bitcoins to drop the price directly, like they wanted it to go down and manipulated the market for it.

We all know that is not the case, they just started their thing and they didn't get any attention and there were a lot of people who thought there would be a high volume and people sold their cryptos when they saw no volume there. It means bakkt was the cause but the drop could be tied to them indirectly not directly, they didn't drop the price, they just made other people think about selling when there was no volume. So we can say "bakkt was the cause of sellers dropping the price" or something with better wording.

Anyone that is thinking bakkt was the cause of the bitcoin fall is not really a deep thinker and they are not opening their inner mind to really see that all these was just a conspiracy and the conspiracy was to actually make the bakkt take glory for the downfall of bitcoin.

There are some strong indications that the government has tried pulling down bitcoin in the past, and I am sure they have not given up, they might be acting like they are in support right now, but secretly thinking and working on how the system can be destroyed since they don’t want a situation where people would have their own financial freedom, but it is already too late and no matter how strong the country may be, it would be impossible for them to shut the system down.

[CryptoBry]

There is no question that the initial business volume that Bakkt managed to snatch is something not so spectacular, very anemic and truly lackluster, if you may. However, not all big and successful platforms started with a BIG BANG and many of them showed up with a very humble face which later on the market sympathized and them BOOM. Here is a good update on Bakkt which can be a good sign of development:

The Bakkt platform is starting to build momentum after a disappointingly uneventful launch. On Thursday 10 October, the exchange reported 224 BTC contracts had been traded, which equates to around $1.83 million. That figure is 3,100% higher than the mere 7 Bitcoin contracts that were traded on the very first day, only 2 weeks ago.

What this can mean is that there is still a BIG HOPE that eventually Bakkt can be able to level up to its huge expectations and full potential, maybe we should just give it some time and institutional money would stat to be flowing in gradually and steadily. What do you think?

[desticy]

Institutional investors have huge capital at their disposal. They will not rush things and invest in a speculative market with huge risks.
Most likely they will wait or provoke a drop in bitcoin as low as possible, and only after that they will invest in bitcoin. Now the market is not calm, such investments can be very risky.

[EdvinZ]

I think that the Bakkt trading platform will show itself in a good light, and we will see large volumes of trading on it. Just the time of its opening coincided with the sharp fall hash rate of the Bitcoin network, with which some attribute the ensuing collapse of the price. In any case, the launch of Bitcoin futures trading from Bakkt is a long-awaited event and many people have heard about this platform, so if the market will acquire a bullish trend we can see a great interest of traders in this new trading instrument.

[FanEagle]

I believe bakkt-launch will get better with time, people are not giving bakkt enough time to develop, bitmex didn't become who they are overnight neither, they became who they are overtime, which is why I think we should give bakkt a bit more time.

Sure, they are not doing as well as expected, they are not doing well at all and that is something we should be worried about and I understand that but it has been just two weeks or so since they started, after 6-7 months if they are still not pulling their weight then I would totally understand calling it a failed attempt but until then I think we should not rush into calling it a fail right now.

Let's wait and see, maybe they will do marketing better and maybe they will get more attention via mainstream, maybe they will get support from other big places, all those could make them super high on volume one day.

[Darooghe]

There is no immediate impact due to the news being priced in. Maybe after one year it will start to flow through and translate into increased demand. It should be considered the Bakkt buying OTC to cover demand won't affect the price short term but it will in the long term. So as they ramp up customer activity initially there will not be much impact on price but that constant demand in the OTC market will cause higher prices into 2020 and beyond. Honestly I think institutional demand under the surface and the halving as we enter 2020 is going to trigger the biggest rally bitcoin has ever seen.

[1Referee]

Honestly I think institutional demand under the surface and the halving as we enter 2020 is going to trigger the biggest rally bitcoin has ever seen.

I don't think we'll ever get to witness bigger rallies or bull runs than what we had in the past already per cycle. Nowadays there is too much economical mass to move at once in order to replicate the 2013 or 2017 bull run.

If we look at the all time chart and work with 1 year candles, it becomes clear that we haven't ever really seen much of a correction. It shows that we have been in a crazy ass bull market for a decade. I expect that chart to stay as pretty as it is today until we peak out at a price in the higher few hundred thousand area.

A very realistic scenario is that we won't see a bull run in the runup to the block halving, but a slow uptrend that will push the price back over the $10,000 level. Too many people are focused on a bull run before the block halving, which tickles my contrarian senses as an indication that it won't happen.