Bakkt announced to launch their digital assets product-Bakkt Warehouse, a platform that will act a custody place for the securing of Bitcoins that belong to institutional investors. It will serve as a bitcoin custody for physically delivered futures.
The service went live on 6th September for institutional investors and the Bakkt Daily and Monthly Futures contracts is scheduled to launch on 23rd September. This will allow Bakkt to offer the trade of Bitcoin futures by physically delivering the contracts to the investors.
When the news was announced, we noticed a decline in the Bitcoin price, but the bulls were able to recover the loss. Bitcoin was trading well above the $10,100-$10,200 levels until recently when a sudden downfall was noticed in the charts, which took the price to $9,600 support levels.
The official launch of the Bakkt Daily and Monthly Futures contracts is on 23rd September, and this might affect the price of Bitcoin again. The delivery of physical contracts by Bakkt has gained attention from the crypto community, and this might be considered as a safer option by amateur investors and institutions. With the launch of the services, we can expect a further change in the price trends and the price might crash again.