Bakkt Bitcoin [BTC] Daily Futures Attracts ‘Zero’ Customers at Opening

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 data — Bakkt Bitcoin [BTC] Monthly Futures Contracts Data (Source)

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.

BTCUSD — BTC/USD 1-Day Chart on Bitstamp (TradingView)

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.

Summary

Article Name

Bakkt Bitcoin [BTC] Daily Futures Attracts ‘Zero’ Customers at Opening

Description

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.

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.