Bakkt has traded only 7 BTC so far

[metallica101]

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/

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.

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[btc_angela]

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.

[vennali]

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.

[custard_pudding]

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

[LUCKMCFLY]

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://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.

[libert19]

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

[pooya87]

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.  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...

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.

[be.open]

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.

[stompix]

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.

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

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

Contract Size
1 Bitcoin

So no, it's 1 bitcoin.

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

[be.open]

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.

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?

[crypthough]

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.

[qiwoman2]

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.

[be.open]

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.

[qwertyup23]

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/

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.

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.

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!

[EdvinZ]

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.

[suzanne5223]

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.

[dothebeats]

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.

[negancoin]

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 ).

[harizen]

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!

[noormcs5]

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.

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.