The long-awaited launch of Bakkt’s physically-settled Bitcoin futures is finally here and has started already. However, it would seem that things aren’t going as smoothly as most bulls expected as trading doesn’t seem to be matching expectations at all. In the first few minutes, the platform recorded futures to the tune of about $10,115. In the first hour, the platform only had 5 contracts and after about 10 hours, this number increased by 23, to 28 contracts.
After 7 hours, trades went up to a total of 18 BTC but instead of Bakkt to act as a Bitcoin price catalyst as expected, prices have dropped down below the $10,000 mark. Regardless of the somewhat dull market, the general crypto community as well as many analysts, are of the opinion that it’s still too early to be downcast about current numbers because it’s somewhat normal for new platforms to be a bit quiet at the beginning.
According to the CEO and CIO of Three Arrows Capital hedge fund, Su Zhu, futures contracts may not exactly do great on day one because brokers are simply not yet ready.
“Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day 1 simply b/c not all futures brokers are ready to clear it.
Zhu believes it would take a minute or two because some people want to understand the “risk systems” while others simply just want to “wait and see”.
Since its only the first day, there’s still a good enough chance that activity on the Bakkt platform will pick up in the near future.
Image Credits: Pixabay
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