Bakkt’s physically settled Bitcoin [BTC] futures set off to a rather slow start on 23rd September. The total trading volume on the platform in the past two hours is only 7 Bitcoins.
The first monthly contract was traded at $10,115. Moreover, these are the only contracts that have attracted any traders. The daily contract has been unsold until now.
Bakkt provides an on-ramp of crypto for institutional investors and traders alike. It has created a lot of hype over the years. However, the statistics post-launch reveals a depressing story.
Much of it can be attributed to the CME futures contract which has significantly flourished in 2019. The daily exchange volume of the monthly traded contracts on CME is around 20,000 BTC (about $200 million). It reached a high of 40,000 BTC on 28th August last week.
Nevertheless, the majority of the volume on CME is for current months’ contract. Whereas, only October contracts have been traded on Bakkt until now. Hence, Bakkt seems to lend no direction to the price this week.
Furthermore, the fact that Bitcoin daily futures contract has attracted no customers at all is negative. This can be due to the current uncertainty in Bitcoin [BTC] price at $10,000. However, it might have been avoided altogether because of the massive volatility and suspected manipulation in the market.
Two hours after the launch, Bitcoin [BTC] is still trading in a tight range. The price of Bitcoin [BTC] at 2: 30 Hours on 23rd September 2019 is $9973. It is trading at par with yesterday.
The much-anticipated launch was expected to have a massive impact on the price. However, the beginning has failed to create any euphoria. The price of BTC continues to hold its levels above $9950 looking for decisive action.
How do you think that the slow start will affect the price this week? Please share your views with us.