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Author Topic: Bakkt has traded only 7 BTC so far  (Read 608 times)
undertheradar47
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September 23, 2019, 02:42:54 AM
 #1

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/
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September 23, 2019, 03:47:22 AM
Merited by Jet Cash (2)
 #2

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.

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September 23, 2019, 04:07:03 AM
 #3

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
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September 23, 2019, 04:07:14 AM
 #4

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/

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.

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September 23, 2019, 04:35:51 AM
 #5

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/

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.

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September 23, 2019, 04:53:09 AM
 #6

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!

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September 23, 2019, 06:20:40 AM
Last edit: September 23, 2019, 06:23:50 PM by akhjob
Merited by michellee (1), DdmrDdmr (1)
 #7

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.

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September 23, 2019, 06:44:01 AM
 #8

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/
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.

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September 23, 2019, 06:55:17 AM
 #9

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.


 
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September 23, 2019, 06:57:34 AM
 #10

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.  Wink

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.  Wink

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September 23, 2019, 07:27:14 AM
Merited by The Pharmacist (2)
 #11

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.

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.  Grin 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...

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.  Wink

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 Tongue.


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.

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September 23, 2019, 07:46:05 AM
 #12

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.

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.
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September 23, 2019, 07:47:52 AM
 #13

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

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September 23, 2019, 08:32:23 AM
 #14

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 (?).

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September 23, 2019, 08:45:36 AM
 #15

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.

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September 23, 2019, 09:18:38 AM
 #16

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/

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
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September 23, 2019, 10:03:47 AM
Merited by gentlemand (1)
 #17

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  Grin 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.

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September 23, 2019, 10:09:17 AM
 #18

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.

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September 23, 2019, 10:11:28 AM
 #19

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.

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September 23, 2019, 10:57:13 AM
 #20

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/
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.

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