Selling the Bakkt news?

[cheezcarls]

I understand that lots of cryptomaniacs here are expecting a bull run after Bakkt launched Bitcoin futures trading last September 23rd. However, it turns out that it heads the other way around.

Instead of a bull run, the price is down once again.

I think institutional investors are looking for a bottom price target before hitting the buy button. Correct me if I’m wrong, but I think they’re doing this to accumulate more Bitcoin.

This isn’t like Facebook’s Libra coin announcement, where bull run really commenced and it almost reached $14k before correcting.

Do you think they’re selling the news in order to accumulate more Bitcoin? Or Bakkt’s recent news doesn’t really impact at all?

[beliomir]

I think the fall is due to the fact that six-month futures are closed on CME and because of this, push the price down to buy at a lower price

[pjcaruci]

I think the fall is due to the fact that six-month futures are closed on CME and because of this, push the price down to buy at a lower price

I think so. And as always this is a temporary phenomenon

[NeuroticFish]

Bakkt has quite a stash of Bitcoin gathered in the last months. So Bakkt can only "sell the news" indeed.

CME sounds as a good reason. Also maybe some speculators try to get some extra money off our expectations.

[Fundamentals Of]

I think institutional investors are looking for a bottom price target before hitting the buy button. Correct me if I’m wrong, but I think they’re doing this to accumulate more Bitcoin.

Or Bakkt’s recent news doesn’t really impact at all?

The institutional investors must have already bought the rumor. And the news? It is selling time. That might be the exact reason why the Bitcoin chart is red rather than green on the day itself of the launching and even the day that follows. Are they looking for the bottom right now before they jump in? I doubt. Institutional investors cannot be that late for the party.

Or perhaps Bakkt's trading in reality does not have that impact at all versus what is being portrayed by "lots of cryptomaniacs."

[metallica101]

I understand that lots of cryptomaniacs here are expecting a bull run after Bakkt launched Bitcoin futures trading last September 23rd. However, it turns out that it heads the other way around.

Instead of a bull run, the price is down once again.

I think institutional investors are looking for a bottom price target before hitting the buy button. Correct me if I’m wrong, but I think they’re doing this to accumulate more Bitcoin.

This isn’t like Facebook’s Libra coin announcement, where bull run really commenced and it almost reached $14k before correcting.

Do you think they’re selling the news in order to accumulate more Bitcoin? Or Bakkt’s recent news doesn’t really impact at all?

You might be on to something, it seems quite convenient that BTC is dropping by $500 right after Bakkt launch. Then again, maybe it is a coincidence. With so many maybe's and what if's, who can tell?

[davis196]

I was right that the Bakkt hype was existing only in some crypto news websites and not on the markets.
The institutional investors aren't waiting for any "bottom price",because there aren't any institutional investors.The good news is that this expectation is finally over and the crypto community should move on to the next big expectation(the next year halving).

[Red-Apple]

This isn’t like Facebook’s Libra coin announcement, where bull run really commenced and it almost reached $14k before correcting.

what are you talking about? Libra and the announcement had nothing to do with bitcoin price rise from $3k to $13k at all!

as for Bakkt, you can't really expect after 24 hours of existence it introduces bitcoin to institutional investors and increase the adoption so much so that it leads to a bull run!
there was a hype and there was a rise, that was a small one that happened already and was over long before the launch. the rest will happen slowly.

[Mandoy]

Bakkt has news have an impact on bitcoins value but sad to say that many traders are now playing in between 10k$ and 9800$. Big traders are no longer into the hype and are not buying the news but is now focused on solely the movement of the trades. The chart today compared to 2017 chart have a big difference, this implies that majority of the traders have already matured and is no longer  getting in the hypes. Though many have lost a lot after the bitcoin bubble popped during the correction but today we may no longer be seeing a bubble or hype but a normal value based on a more stable volatility compared to 2017 and 2018.

[BrewMaster]

unless price goes below $9k levels and stays there for at least a full day, you can't really call it "price is down" because so far this price is the same price that we have been seeing every time there is a dip after the rise. that is why this period is known as "sideways", price goes up to $10.5k and down to $9.5k and back up again to repeat it.

but you are right about one thing, the Bakkt news is causing a sell off instead and i believe it is mostly out of fear nothing else. fear of traders expecting the drop and wanting to act before it but the drop they were expecting never happened.

[ScamViruS]

News websites that promote bakkt news are now limited to news websites.

Made a lot of hype that had no effect on the real market.
Traders has already made many matures, which will not make bubble as easy as 2017.

[coolcoinz]

There are many reasons for Bakkt lagging behind other futures markets. One is that they were late to the party and did not offer anything really anticipated by investors. Think about it for a moment, CME has reached a volume of over 1 billion USD in Bitcoin. Everyone who ever wanted to trade futures is there. Why would they move to Bakkt now?
Also, Bakkt was the news of the month when it was supposed to came out. Even the news of the year... 2018. Not anymore.

[Artemis3]

There is no certain thing about what really affected Bitcoin to go down. The fall in the price still surprisingly continues. Also, this may be a sign to a preparation for a big rise. I think the fall will end at around 9000 dollars.

I agree. Because, after all, this is just an American (New York Exchange) thing. And i strongly believe the rest of the world (especially Asia) has more weight. One thing that is pending is definitely the halving, and i wouldn't be surprised this is one of the lows before that rise. But afterwards, who knows, some correction i guess...

In any case of course there is some speculation going on, this is the result of having a free coin, devoid of government manipulation. There might be a bunch of newbie shorters, let them, let them bet against bitcoin, we will see how they end next year...

That's what futures are all about, after all. This might be new a fun for many of them betting that Bitcoin is a "bubble", because they can't think beyond the Chicago school dogmas. Well, time (and getting burnt) will teach them.

Deflation is coming.

[The Sceptical Chymist]

you can't really expect after 24 hours of existence it introduces bitcoin to institutional investors and increase the adoption so much so that it leads to a bull run!

I don't think institutional investors need any introduction to bitcoin, and I've been reading a lot of similar comments.  Those guys know what they're doing, and I'm pretty sure they've been learning about and watching bitcoin for years.

Does anybody know if Bakkt allows investors to sell bitcoin short?  I can't say I fully understand how it all works, but I'd be surprised if that wasn't an option on their platform.  If so, that could explain the price drop--but I'm just speculating.

Made a lot of hype that had no effect on the real market.

I don't know about that.  The drop from $10,500 to $9500 coincided pretty well with Bakkt's launch.  That could just be coincidence, but I just have a feeling it's not.  And man, if I had any spare money to invest I'd be buying bitcoin right now.  I don't think it's going to stay under $10k for long.

[NeuroticFish]

And man, if I had any spare money to invest I'd be buying bitcoin right now.  I don't think it's going to stay under $10k for long.

The common sense tells that Bitcoin should fly. Instead, it sinks. I was told that Bakkt has quite a large stash, so relying on it is not helpful yet.
So I wonder what's the speculators' next move in this. I really hope their (fake?) dump is for short time.

[squatter]

Bakkt has quite a stash of Bitcoin gathered in the last months. So Bakkt can only "sell the news" indeed.

They only opened deposits a few weeks ago, so I'm not sure how stocked their warehouse is. Is there data available somewhere?

To be clear, Bakkt doesn't own these bitcoins. They are custodian and central counterparty. It's institutional traders who are selling on Bakkt, not Bakkt themselves. And considering the low volumes so far, it wasn't Bakkt traders who were driving the market down, but regular spot traders.

[adamselene]

People got too worked up over the hype and many are scrambling to conjure up justifications for price movements.

[TravelMug]

Do you think they’re selling the news in order to accumulate more Bitcoin? Or Bakkt’s recent news doesn’t really impact at all?

The thing with Bakkt is that it's long overdue, investors grow tired no more excitement, no more hype.

And now we can correlate it to the recent flash crash or whatever you call it. So there could be manipulation behind because of this Bakkt news to accumulate cheap bitcoin.

But still the sudden drop of hashrate resulting to the price going down at $8000-$8500 is really unexpected.

[NeuroticFish]

And considering the low volumes so far, it wasn't Bakkt traders who were driving the market down, but regular spot traders.

That's clear. It's BitMex that was driving the market down. But somehow the people were expecting Bakkt buy and buy, and rise the price. And this may not happen too soon.

It was the market that "sold the news", not Bakkt.

[Kakmakr]

I doubt it, because most of them did not have a platform to use institutional capital to influence the price before this launch. Would they use their own investment capital to influence the price.. I seriously doubt that too. 

It would take a significant amount of coins to cause a huge price drop like this and I cannot even consider that most of the institutional traders bought that much coins from their own capital to cause a drop in the price like this.