Bakkt’s physically-settled bitcoin futures has been a hot topic of discussion since its launch. The exchange failed to report any substantial numbers during the initial days. But gradually, the trading volume on the exchange is increasing.
Bakkt exchange today’s volume was 13 BTC, as the last traded price was $ 7,895. The launch of Bakkt’s physically-settled futures was much-hyped. In the initial days, the exchange performed below par as analysts expected.
∙ Today's volume so far: 13 BTC
∙ Last traded price: $7,895.00
∙ Trading day progress: 13%
∙ Today's forecast: 100 BTC— Bakkt Volume Bot (@BakktBot) October 18, 2019
Economist and trader Alex Krüger tweeted that in finance, 98%
of futures are not physically-settled as traders do not want to take the delivery, even for physically settled contracts. He added that comparing Bakkt with CME is perfectly fine, particularly so with Bakkt’s monthly contract.
In finance, 98% of futures are not physically settled as traders do not want to take delivery, even for physically settled contracts.
=> comparing Bakkt with the CME is perfectly fine, particularly so with Bakkt's monthly contract.
— Alex Krüger (@krugermacro) September 24, 2019
Bakkt’s first-day volumes were equivalent to 71 BTC as compared to CME’s 5298 bitcoins. Earlier, researchers from JPMorgan blamed the launch of Bakkt’s BTC futures for the fall in the price of bitcoin. The price of bitcoin fell from around $9,500 to $8,000 the next day of Bakkt’s launch.
