Why didn't Bakkt launch bring $25000 on the table?

[Ayiranorea]

Bakkt spiked BTC only because of the hyped it brought, which quickly died down, like super fast. Especially when it launched and it did absolutely nothing to pump the BTC market. Now, Bakkt reaches new ATH in their volumes and is affecting the market, though the effect is a bit on the low side. Bakkt couldn't bring the $25k simply because... It wasn't supposed to bring it. Or rather, it couldn't. It didn't have the power nor strategy to push the market to ATH of BTC. Bakkt is on the right track, but don't expect and pumps because of it.

Yes, by the time of Bakkt launch even after big hype nothing much happened. Earlier days the investment got is very low and now slowly there is better progress. This has made the market to have things attributed with the Bakkt unlike the prevailing trend. As in the above quote Bakkt is on its way to provide a large scale price pumping, but the same isn't anywhere near. As we experienced the previous bull market it can happen unexpected. By now the market seems to bleed red while some are lucky to have their altcoins grew against bitcoin.

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[darkangel11]

Bakkt is not doing anything good for Bitcoin, but why should it? People were saying that this or that company will make the price go up but it didn't happen and it won't happen. The only thing that will do it is adoption. It can also be done by fake news of adoption but such things get verified sooner or later and price comes back from where it started.

Bakkt is nothing but speculation. It was supposed to be big because it was supposed to odder futures backed by real Bitcoins but it doesn't. It's still selling unbacked futures like all other markets and what happened when CME opened? We dumped. What happened when another futures market Bakkt opened? We dumped. It's because when they offer futures most of the stock market will short because traditional investors who don't care about the technology behind it see Bitcoin as a bubble.

[exstasie]

Institutional money entered in 2016. I've said it before from all the obvious signs and evidence of what we know about big money and PE funds, etc. Bakkt was too late.

Only high risk hedge fund operations and traders were entering in 2016. That's probably still true today. I believe we're still waiting on traditional investment banks, credit unions, insurance companies, pension funds, endowments, asset managers, etc. You know, most of the institutional investment world.

Despite their cheesy DBA name, Bakkt is a respected legacy exchange, and they are the first one to work with real BTC. That's a really big deal for the dinosaur investor classes mentioned above. Fidelity's impending foray into the custody/exchange markets is a big deal too. Baby steps.....

[cabron]

Bakkt is just not a good market because they don't deal with real bitcoin that we send in and out that will affect its supply in the market to which the demand and supply law doesn't apply All they do there are just trading numbers.

I can't even see their market to check what exactly are they doing there because it seem like they are the only who are fooling each other and yet who whole crypto market are affected.

[1Referee]

Bakkt is nothing but speculation. It was supposed to be big because it was supposed to odder futures backed by real Bitcoins but it doesn't.

The thing with Bakkt's Bitcoin backed futures is that you don't have to accept delivery of the coin(s). In that sense the futures are cash settled until traders choose to actually get them delivered. Futures traders aren't your average hodler type of people, they just want to speculate on the price.

It's kinda confusing the way they marketed themselves, so I can understand why people are disappointed. The thing people do have to blame themselves for is that they expected Bakkt to sky rocket the price right off the bat. It takes time to build up volume and a large clientele. If that clientele on top of that isn't interested in claiming any coins, it's safe to say that there won't be much of a positive impact ever.

I would have preferred to see Bakkt empty the OTC market to fill its reserves, but it doesn't seem like they will ever run out of what they thus far accumulated.