Over the weekend, we saw 18 Bitcoin in volume get traded since the launch of Bitcoin futures on the Intercontinental platform Bakkt since it’s very recent launch.
The highly anticipated contracts went live yesterday, 22nd September and is already seeing some success. It’s worth noting that these are the first of their kind to be physically settled in bitcoin.
So, according to the data available at the minute, just under twenty bitcoins have been traded with a last recorded trading price of just over $10,040.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Several cryptocurrency analysts and researchers have come ted on the reported slight volume levels, with one trader comparing the launch of the platform to patterns you would usually see in earlier products:
“CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week.”
The investor, Ari Paul made the point that physical delivery is more likely to slow down adoption. But only initially though.
“Probably a more gradual scale-up since it’s physical. With CME futures, anyone with the right FCM [Futures Commission Merchant] could immediately trade on launch […] I’d think the incremental demand (beyond CME) would come from people who want to buy or sell physical for delivery, at least at first. Receiving could be instant (use FCM to convert), but I’m kind of thinking depositing physical will be gradual.”
In terms of price, the leading cryptocurrency is valued at $9,964 at the time of writing after clearly falling below the $10k key resistance range once more.
It will be interesting to see where the price goes from here. For more news on this and other crypto updates, keep it with CryptoDaily!