Well, that was a bit anticlimactic.
After two years of work and more than a year of hype and regulatory delays, the Bakkt bitcoin futures market had a lackluster first day of trading.
When the session closed at 22:00 UTC Monday, only two daily futures contracts and 71 monthly futures contracts had traded on the new platform, built by New York Stock Exchange parent company Intercontinental Exchange. The first daily contract didn’t even trade until 18 hours after the launch.
Still, Adam White, the former Coinbase executive turned Bakkt COO, seemed optimistic.
He said in an interview with CNN’s Julia Chatterly that the ICE futures contracts’ launch meant “for the first time ever you have an end-to-end regulated marketplace for the price discovery of bitcoin.”
White hopes that the daily and futures contracts will lead price discovery, and while most of the attention is focused on the (thus far unrealized) potential for institutional money to enter the space through Bakkt, White opened the door for retail investors to enter the market, saying:
“Bakkt is really designed for the institutional trader. So this is a futures contract. That said, we expect this futures contract to trade through retail brokerages as well, so retail customers can trade this contract.” Read More...