The long awaited Bakkt Bitcoin futures contracts went live a few hours ago but the response so far has been underwhelming. Bitcoin briefly topped out over $10k but has failed to hold that level as trading in Asia got underway.
The Bakkt daily and monthly physically settled Bitcoin futures contracts went live for trading a few hours ago but there was no big fanfare or market reaction. The first trade was executed at just past 8pm ET for $10,115.
However, this could be seen as a positive development since it is around one BTC per hour which, if continued at this rate, could be a monumental amount traded over the month.
Industry analysts have pointed out how important Bakkt is being physically delivered as opposed to other contracts which are settled in fiat.
“Reminder, the hype is bakkt with substance. Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin. The result is better price discovery and liquidity for bitcoin.”