Bakkt

[BitHodler]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

Based on what? The price that's going down? Bakkt hasn't done anything to promote itself as a price driver. No product, no actual sign of demand for physically settled futures, etc. The price shouldn't react to this.

The reason for the price not to go up much more is because we're stuck in a bearish pattern, and the fact that little to no fresh capital is entering the space (read; no influx of stablecoin inflation).

When Tether was printing tokens the price kept going up consistently. Now Tether's printing has almost stopped, so does the bullish momentum that we had. It seems that we're due for months of bearish price action.

[exstasie]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

Why do you say that? Bakkt only opened deposits a few days ago and we have no idea how many BTC are flowing into their warehouse. We'll see what volume looks like in late September when they launch.

When Tether was printing tokens the price kept going up consistently. Now Tether's printing has almost stopped, so does the bullish momentum that we had. It seems that we're due for months of bearish price action.

I think we're actually near the end of this downtrend. If we're lucky, there will be a selloff into the $8,000s but I'm not too confident about that. Bears have wasted weeks meandering sideways and selling momentum is fading out. This 2+ month correction is clearly an accumulation pattern when you look at the monthly chart, so they're running out of time.

[ePesoInitiative]

Well, it will be decided on September 23 or around it. This could be a sell the news event and Bitcoin crashes back to around $6,000 or it could be the fractal that emulates the gold fractal when gold futures came, meaning the price will shoot up to $30,000+.

[adaseb]

Well, it will be decided on September 23 or around it. This could be a sell the news event and Bitcoin crashes back to around $6,000 or it could be the fractal that emulates the gold fractal when gold futures came, meaning the price will shoot up to $30,000+.

I don't think this will have the same effect as the CME and CBOE Bitcoin futures like in 2017. When we heard that there would be bitcoin futures everybody went nuts and I think its what caused the massive price surge from $6000 to $20000. Then when it actually launched it was the peak of the market.

Bakkt is different because the market knew about it for a while now and its most likely not what took us from $3100 to $13800, so even if its a flop the sell-off might be minimal.

[btc_angela]

Well, it will be decided on September 23 or around it. This could be a sell the news event and Bitcoin crashes back to around $6,000 or it could be the fractal that emulates the gold fractal when gold futures came, meaning the price will shoot up to $30,000+.

I don't think this will have the same effect as the CME and CBOE Bitcoin futures like in 2017. When we heard that there would be bitcoin futures everybody went nuts and I think its what caused the massive price surge from $6000 to $20000. Then when it actually launched it was the peak of the market.

Everyone goes crazy that time in 2017, majority didn't understand what CME and CBOE was, and thought they still good to invest eventhough that market is already is a huge bubble.

Bakkt is different because the market knew about it for a while now and its most likely not what took us from $3100 to $13800, so even if its a flop the sell-off might be minimal.

Major difference is that we are not in a bull run and this is not cash settled. So I guess it could let to a price boost in October or towards the end of the year.

[lixer]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

Based on what? The price that's going down? Bakkt hasn't done anything to promote itself as a price driver. No product, no actual sign of demand for physically settled futures, etc. The price shouldn't react to this.

The reason for the price not to go up much more is because we're stuck in a bearish pattern, and the fact that little to no fresh capital is entering the space (read; no influx of stablecoin inflation).

When Tether was printing tokens the price kept going up consistently. Now Tether's printing has almost stopped, so does the bullish momentum that we had. It seems that we're due for months of bearish price action.

By now, I expected that the bakkt news would have made an impact already, but seems people are not easily moved by some of these news again, and we have to expect something more powerful to really get people engage with the market again, but I still don’t see anything wrong at the level that we are now in the usage of bitcoin.

The market is full of traders, and we should expect this always, I know we have been expecting it to break bigger barriers because of the investment we have, but know that bitcoin also functions as payment, as people demand for bitcoin and outs money into the market, remember that the receivers also have its own agenda of changing it to fiat which will make the money to leave the market, so we cannot really avoid this fluctuations we see, but in this fluctuation, there are also benefits.

[exstasie]

By now, I expected that the bakkt news would have made an impact already, but seems people are not easily moved by some of these news again

We already got "the Bakkt pump." It's not a coincidence that Bakkt announcing their launch date marked a local bottom on the charts. See Aug 15-16 on the chart. We rallied from $9,500 to $11K on that news. It was a classic "buy the rumor" situation!

Anyone expecting more than that isn't respecting the chart. See all those lower highs since $13,800? We're still in a downtrend. In a downtrend, good news is just a reason to sell the bounce.

[Febo]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

Based on what? The price that's going down? Bakkt hasn't done anything to promote itself as a price driver. No product, no actual sign of demand for physically settled futures, etc. The price shouldn't react to this.

The reason for the price not to go up much more is because we're stuck in a bearish pattern, and the fact that little to no fresh capital is entering the space (read; no influx of stablecoin inflation).

When Tether was printing tokens the price kept going up consistently. Now Tether's printing has almost stopped, so does the bullish momentum that we had. It seems that we're due for months of bearish price action.

It seems I mixed another ETF with BAKKT simply because they were one launched other starting whatever at same time.

https://old.reddit.com/r/CryptoCurrency/comments/d23lg4/three_days_after_launch_the_vaneck_bitcoin_trust/


They collected only $41k in 3 days.

[gentlemand]

It seems I mixed another ETF with BAKKT simply because they were one launched other starting whatever at same time.

https://old.reddit.com/r/CryptoCurrency/comments/d23lg4/three_days_after_launch_the_vaneck_bitcoin_trust/


They collected only $41k in 3 days.

I'll guess they're doing this just to chip away a little further at the SEC. They probably don't care about the numbers, or let's hope they don't.

It seems people have a weird conception of 'institutional money'. It's just as bored and cautious as everyone else's money. If things are dead there's no reason for them to kick off when others have zero interest in doing so. It'll follow the tide like everyone else.

[1Referee]

It seems I mixed another ETF with BAKKT simply because they were one launched other starting whatever at same time.

https://old.reddit.com/r/CryptoCurrency/comments/d23lg4/three_days_after_launch_the_vaneck_bitcoin_trust/


They collected only $41k in 3 days.

That doesn't surprise me. People are just too overly obsessed about institutions and think they'll pump billions in a product that has little appeal to them.

If we look at the fees of this half baked 'ETF', it's a whopping 2.9%, and that's not even taking into consideration the fee the brokerage firms charge on top of it. If we add their fees too, we're looking at ~4% on average, which isn't too appealing. Institutions are better off waiting for Bakkt and use their service, which is much cheaper.

[adaseb]

I did some reading on the Bakkt futures finally since its launching in a few weeks. Here is where I am confused.

These futures differ from the CME futures because they are physically settled instead of cash settled. So basically if someone holds the future contract till expiry they are entitled to an actual BTC instead of just the cash difference from the CME futures.

The BTC is delivered to the receipiant and HELD at the Bakkt Custody Service Warehouse. So it doesn't really leave Bakkt. I haven't been able to find out if the buyer will actually be able to withdraw from the warehouse and use the BTC for spending. This is where I am confused.

Because most futures if you exercise them, you are able to buy the underlying product. This is very common with agriculture futures. Anyone got more information?

[barbara44]

THIS BAKKT,  I am still trying to see what impact it will really make in bitcoin, because I have been in some situation where I relied in some certain thing that came out then to make impact, but instead of making impact, it either went against the system or it does not make any impact.

I lost the trust on some of this thing when I expected the halving of Litecoin then to have effect on the price of Litecoin, but till date, there has not been any impact.  I have learnt not to be concluding on come certain things having an effect until it does and I see that it was really the effect of it. September is here already for the launch, we can easily know very soon, and could you please remind me of the date that the bakkt promise to launch their project.

[figmentofmyass]

I did some reading on the Bakkt futures finally since its launching in a few weeks. Here is where I am confused.

These futures differ from the CME futures because they are physically settled instead of cash settled. So basically if someone holds the future contract till expiry they are entitled to an actual BTC instead of just the cash difference from the CME futures.

The BTC is delivered to the receipiant and HELD at the Bakkt Custody Service Warehouse. So it doesn't really leave Bakkt. I haven't been able to find out if the buyer will actually be able to withdraw from the warehouse and use the BTC for spending. This is where I am confused.

Because most futures if you exercise them, you are able to buy the underlying product. This is very common with agriculture futures. Anyone got more information?

it's not specified in the basic contract specs, but i'm sure that investors can withdraw bitcoins from the warehouse. it wouldn't be a physically deliverable contract otherwise. the press reports indicate they've opened both deposits and withdrawals: Bakkt Warehouse Launches Deposits and Withdrawals as Planned

[el kaka22]

I lost the trust on some of this thing when I expected the halving of Litecoin then to have effect on the price of Litecoin, but till date, there has not been any impact.  I have learnt not to be concluding on come certain things having an effect until it does and I see that it was really the effect of it. September is here already for the launch, we can easily know very soon, and could you please remind me of the date that the bakkt promise to launch their project.

Do not rush for concluding like that. If you are entitled for real bitcoins that is actually better than digital (not actual) for all of us who are afraid of whales. I mean if it was like bitmex where people could basically play digitally they could make up money from thin air from leverage that normally would have been difficult (well it is not from thin air but you get it) that is why I think doing it physically is actually a slower method and not good for the people who will use BAKKT but in the end it is better for the market.

Not gonna lie I would prefer to use the bitmex version if I was a customer but having this would mean some more volume that wouldn't exist normally, maybe it is good this way that we are getting new money pouring into bitcoin and having people hold bitcoin instead of just numbers on their bakkt account without actually having bitcoin.

[exstasie]

THIS BAKKT,  I am still trying to see what impact it will really make in bitcoin, because I have been in some situation where I relied in some certain thing that came out then to make impact, but instead of making impact, it either went against the system or it does not make any impact.

I lost the trust on some of this thing when I expected the halving of Litecoin then to have effect on the price of Litecoin, but till date, there has not been any impact.

Of course there was. It just wasn't the impact people expected.

Everyone thought Litecoin would pump In July and early August right into the halving. Instead, the market started to front-run those expectations, with LTC significantly outperforming BTC up to April. After that, smart money started exiting back to BTC. This is the same dynamic as "buy the rumor, sell the news."

I believe that the price of Bitcoin has already been incorporated in the functioning of the Bakkt platform.

If Bakkt launches with huge volume and a notable premium over spot prices, you better believe it's not "priced in" yet. I'm not expecting that to happen though.

[mindrust]

BAKKT already bought their bags. The coins they are going to credit their investors, they already have them. It is around 100k btc if I remember right. Maybe that 100k btc pumped the price from $6k to $14k, I don't know. But the real price action will come with the halvening probably.

BTC normally was moving with the shitcoins in the last 2-3 years but somehow we are now acting independently. The only reason which makes sense for that is, there is new money entering Bitcoin. It is not $100's from the average Joe's. This money, belongs to BAKKT and it is already here.

I hope I am wrong and we'll moon after the BAKKT launch. TA is getting very tight too. It'll explode in one direction soon.

[Lucius]

It is not $100's from the average Joe's. This money, belongs to BAKKT and it is already here.

The money had to come from somewhere, and Bakkt can be a very good reason for what was happening from April 2019 when price is start to go up. They start to buy probably at the bottom close to $3000, but part of the money pumped in BTC is come from ordinary people who got caught in FOMO same as always.

If Bakkt already has coins they need, we should not expect that launch on September 23 can directly affect the market. Maybe when they empty their bags and start to buying again, but it is a matter of time and the results they will achieve. Bakkt looks good and promising on paper, but how it will look in practice?

[Jating]

I did some reading on the Bakkt futures finally since its launching in a few weeks. Here is where I am confused.

These futures differ from the CME futures because they are physically settled instead of cash settled. So basically if someone holds the future contract till expiry they are entitled to an actual BTC instead of just the cash difference from the CME futures.

The BTC is delivered to the receipiant and HELD at the Bakkt Custody Service Warehouse. So it doesn't really leave Bakkt. I haven't been able to find out if the buyer will actually be able to withdraw from the warehouse and use the BTC for spending. This is where I am confused.

Because most futures if you exercise them, you are able to buy the underlying product. This is very common with agriculture futures. Anyone got more information?

I was under the impression that ICE will take care of the exchange service. So buyer will probably go to ICE first, but I do agree that it is very confusing.

@Lucius, good question, all we can really do is to hope that it will really have a good impact in the price. But if the people have slowly accumulated overtime, we might not see that boost as everyone is expecting. 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.

[Lucius]

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.

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

[RealMalatesta]

If they already have the money then you are right they may not actually affect the prices of bitcoin right away, however I think they probably don't have THAT much bitcoin at their hands right now, they probably have some bought up because they knew what they were suppose to do but Bakkt is not after making profits by selling their bitcoins neither, they are after profits from trading fees and selling packages etc etc, if they wanted to profit from buying at 3k and selling at 10k, then they could have simply just sell their coins at some exchange like binance without disturbing the market and they would have profited.

No, I think that is not the case, surely they have some but they are not gonna be buying all of it up front for profit since there could have been some risks involved.