Bakkt

[btc_angela]

It's pretty clear that Bakkt will not have same effect as CBOE&CME, even if Bakkt will offer "physical bitcoin futures contracts", which was not the case before. But from my point of view problem is in timing, first BTC futures are launched 1+ year after halving, and Bakkt is coming just under a year before halving.

It is also an indisputable fact that media is not creating any FOMO this time, and that people are now more and better informed. However if big pump happens most will give credit for that to Bakkt, because what else could be the reason

Hah, if that happens then Bakkt is now the saviour of the market, Lol. A total 360 turn around from the "we don't need institutional money" and "we are tired of this news".  . In any case, and if the pump happens, everyone is going to be happy, but the question is how long that pump can be. Win-win situation for us? or total disaster in the long run?

[Jating]

Yes, this is long overdue, but I have a feeling that majority still thinks that it could have the same affect as CME and CBoE last 2017.

It's pretty clear that Bakkt will not have same effect as CBOE&CME, even if Bakkt will offer "physical bitcoin futures contracts", which was not the case before. But from my point of view problem is in timing, first BTC futures are launched 1+ year after halving, and Bakkt is coming just under a year before halving.

Yes, the much touted "physical bitcoin futures contracts" could have made the difference if we say that bakkt is launched in 2017-2018. But today, it doesn't makes any difference at all. Timing could be one factor as well, eight months prior to the block halving, and we all know that crypto enthusiast are waiting for this event not the bakkt launched.

It is also an indisputable fact that media is not creating any FOMO this time, and that people are now more and better informed. However if big pump happens most will give credit for that to Bakkt, because what else could be the reason

And exactly a week before they launch, the price of bitcoin goes down,  

[Lucius]

btc_angela, we can say that we do not need institutional money, but we can do nothing to prevent that money to enter in crypto market. Based on Bitcoin history after every big pump we see the correction, this will probably happen next time too. We can say that it is realistic to expect history to repeat itself, and the only difference is that this time the numbers will be different.

Jating, a week or just a day doesn't make much difference, if they buy Bitcoin in last few months, then they have good amount of coins to work with, no need to buy more now. At this point, Bakkt does not look like something that could affect price in short-term.

[el kaka22]

It's pretty clear that Bakkt will not have same effect as CBOE&CME, even if Bakkt will offer "physical bitcoin futures contracts", which was not the case before. But from my point of view problem is in timing, first BTC futures are launched 1+ year after halving, and Bakkt is coming just under a year before halving.

It is also an indisputable fact that media is not creating any FOMO this time, and that people are now more and better informed. However if big pump happens most will give credit for that to Bakkt, because what else could be the reason

Hah, if that happens then Bakkt is now the saviour of the market, Lol. A total 360 turn around from the "we don't need institutional money" and "we are tired of this news".  . In any case, and if the pump happens, everyone is going to be happy, but the question is how long that pump can be. Win-win situation for us? or total disaster in the long run?

I am wondering which one will be the first one to make a bitmex type of difference. Right now, bitmex longs and shorts are making so much difference in the market that people literally look at how much each is bought and sold to realize what the market trend is.

So, we are talking about just one market literally used for market prediction, that is why we really need something like Bakkt (doesn't have to be bakkt but something similar) to exist and be bigger than bitmex, not just one though, because than that would be the market prediction, we need like 10+ of them so that we could have different results and people will stop using them because they won't understand which one to look at. Its really a sensitive subject and I hope if its done, it will be done properly.

[seradj0]

 I guess bakkt already have enough btc for now, if not a pump will be expected after 23 ( $1000 at least )
the market also learned from the previous pump and take the choice of wait and see untill now

[bitgolden]

Those physical ones are not going out like sold out tickets, its really not a big deal right now and not getting the attention bakkt thought it would. Of course its still better to have it than not having it but I think this will not be as big of a deal as we made out to be for years now.

I don't know how long it has been since the first time we heard about bakkt but in the end we are not seeing any sort of traction to it. We can try to promote it ourselves even if we do not use it, that way we can get more advertisement to it but I doubt we have enough power to pull that through, maybe we can increase a bit more awareness for it but that's about it. Of course, it is up to Bakkt to make their own marketing and get their own awareness up, if they can do it than maybe we will see more attention.

[ePesoInitiative]

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

[Harlot]

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

It's not BAKKT's fault on why Bitcoin suddey went down its our fault on believing at the hype that on its launch BTC will skyrocket up, its our fault that we believed on news sources that this could signify the next bull run for the market, its our fault on believing the news and not on the charts. BAKKT definitely has nothing to do with this and really hype is the one to blame why we believe that BAKKT is the game changer here. I hope you get the bigger picture that not all price action happens because of the news we are seeing.

[gentlemand]

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

Anything launching around now will be a 'fail' if you judge it on the first few days or weeks. No one entity can turn around sentiment or force a pump. Even if it could it wouldn't sustain.

Things like Bakkt will count when the whole scene has a whiff of proper bullishness. Until then they need to keep the lights on and make sure it can cope when that happens. There's a weirdly high number of supposedly professional places that did flake out before they got the chance to make some money. Hopefully this bunch have a bit more of a strategic view.

[ardentvolcanoes]

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

It's not BAKKT's fault on why Bitcoin suddey went down its our fault on believing at the hype that on its launch BTC will skyrocket up, its our fault that we believed on news sources that this could signify the next bull run for the market, its our fault on believing the news and not on the charts. BAKKT definitely has nothing to do with this and really hype is the one to blame why we believe that BAKKT is the game changer here. I hope you get the bigger picture that not all price action happens because of the news we are seeing.

Expectations against realities, BAKKT's speculations to pumped the market gave whales a good timing to shake the market. We do seen crashes over crashes and make the entire market to follow the trend, this downfall is not created by the launched of BAKKT but instead the high expectations that turned to disappointment. Weak holders will not wait they will go with the flow and regrets after the bounce happen again.

[davinchi]

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

It's not BAKKT's fault on why Bitcoin suddey went down its our fault on believing at the hype that on its launch BTC will skyrocket up, its our fault that we believed on news sources that this could signify the next bull run for the market, its our fault on believing the news and not on the charts. BAKKT definitely has nothing to do with this and really hype is the one to blame why we believe that BAKKT is the game changer here. I hope you get the bigger picture that not all price action happens because of the news we are seeing.

Expectations against realities, BAKKT's speculations to pumped the market gave whales a good timing to shake the market. We do seen crashes over crashes and make the entire market to follow the trend, this downfall is not created by the launched of BAKKT but instead the high expectations that turned to disappointment. Weak holders will not wait they will go with the flow and regrets after the bounce happen again.

The problem that I see is that people are always full of expectations based on assumption without actually analyzing things properly and thinking on every direction if such event will actually make the impact as much as we thought. Many people have thought that the moment the bakkt is being released, they will surely start increasing the price of bitcoin, and they fail to face the reality that there is need for them to grow fully first and attract more users if they are going to have any effect on the price of bitcoin.

We cannot completely rule out the fact that bakkt will have effect on bitcoin price, it will but may not be this period of time, the cryptocurrency space is too large for just one factor to make so much significance like we wanted, so we should always learn not to actually expect too much from projects without fact.

[fillippone]

If you are interested in BAKKT you might be interested in my new thread:

Everything you wanted to know about BTC futures but were afraid to ask!

I tried to explain what a future is/how it works/what does it tells us about future market prices of bitcoin.
It is still a work in progress: suggestions more than welcome!

[Deborah Christine]

The Bakkt launch was very disappointing in a week their volume only reached $ 5 million (Source: coindesk.com).
Not according to expectations. But we must be patient. And we have to wait and see how Bakkt's volume performs over the next few months, whether they will be able to attract investors or not. And how it influence the price of bitcoin.

[fillippone]

Given the hugely successful launch of Bakkt this news is almost no news:


CME Exec: No Plans for Physically Settled BTC Contracts Currently

The Chicago Mercantile Exchange (CME) Group has no current plans to launch physically settled Bitcoin (BTC) contracts, a senior executive said.

Tim McCourt, global head of equity index and alternative investment products at CME Group, told MarketsMedia on Oct. 1 that all new contracts or products are driven by customer demand.

This makes sense from a business perspective.
They have a fully functional cash -settle product. There's no demand for the moment for a physically settled one, for the moment. They have the technology to be close followers in case demand builds up.

[gentlemand]

The Bakkt launch was very disappointing in a week their volume only reached $ 5 million (Source: coindesk.com).
Not according to expectations. But we must be patient. And we have to wait and see how Bakkt's volume performs over the next few months, whether they will be able to attract investors or not. And how it influence the price of bitcoin.

CME was already long established and everyone who was anyone was already on there. All they have to do to is click on the new BTC section in the platform they've always been familiar with and away they go.

Bakkt may be set up by the connected but it's still a brand new platform and getting rolling takes time. There'll be risk mitigation, integration, system stuff. We've no idea how sluggish or demanding professionals may be until they feel ready. They might have a list a mile long that needs ticking off before they're allowed to go on there.

It might be a months or years before the userbase gets fully comfortable with it. I assume Bakkt know this and have planned accordingly.

[dragonvslinux]

I wish I had seen this thread earlier to pitch in. To me it was obvious, we all saw what happened when CME launched at the peak of the 2017 bull market.
Not forgetting others "launches" such as BSV have been detrimental to the price also. Ignoring the price target, here's a comparison of previous "launches".

Hence I always anticipated a dump from the bakkt launch, predominantly because it was a perfect bearish set up technically speaking:

To anyone who bought into the hype around $10k I wouldn't panic though. Remember those who bought into the bearish conditions of 2018 at $6k?
They are doing just fine now and if anything are waiting to double down on their positions

[victoria444]

We can see that Bakkt doesn't have any effect on the general market, even Alts. Generally, new money will only pump in when their is some sort of security regarding crypto. I think this will come from educational projects in blockchain, because they seem to have 99% direct similarities with centralized entities, example is Ledu. This similarity will make it easy for them to have an onboard newbies into crypto.

[fullhdpixel]

To anyone who bought into the hype around $10k I wouldn't panic though. Remember those who bought into the bearish conditions of 2018 at $6k?
They are doing just fine now and if anything are waiting to double down on their positions

I would not even see their decision to have bought around $10k as mistake, no one really could see this dip coming and this dip is something that many of us are already used to, we know that there are times where bitcoin would want to make some corrective moves and these are part of the risk that we talk of in cryptocurrency investment which we must have built our minds towards, which should help us not to panic once our mindset is built towards this.

The price will surely bounce back to the $10k and the only regret I think that we can have is that we could not put money at the $10k to make some little cash when the price goes back to $10k, but that is for trader, for long term investors, there should be no regrets as the price will be far higher than even $20k in future.

[fillippone]

Adding a few observable, objective data to the discussion:

Monthly contract volume so far (source a twitter bot).



Not bad, could have been better. We have patience, with those sideline market it couldn't be so much different.

[gentlemand]

Not bad, could have been better. We have patience, with those sideline market it couldn't be so much different.

Does anyone know what their fee structure is and how much money they'd be making from a 100 BTC volume day? I'd love to know what projections they sold the idea to investors with.