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Bakkt Trades 18 BTC in First 7 Hours as Bitcoin Price Falls Below $10K

Bakkt Trades 18 BTC in First 7 Hours as Bitcoin Price Falls Below $10K

18 Bitcoin (BTC) in volume has been traded since the launch of Bitcoin futures on the Intercontinental Exchange (ICE)’s Bakkt platform yesterday, Sept. 22. The much-anticipated contracts — the first of their kind to be physically settled in Bitcoin.

As of the most recently available data at the time of writing, 18 BTC has been traded, with a last recorded trading price of $10, 042.50/BTC. Many crypto commentators have commented on the apparently slight volume levels, with one trader comparing the platform’s launch so far to patterns typically seen with earlier products: “CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week.”

Despite long anticipation of the new contracts’ launch, the markets have yet to register any impact, with Bitcoin trading tepidly below $10,000 as of press time. When it comes to the fiat-settled Bitcoin futures contracts on CME, their expiration and rollover dates have historically exerted pressure on Bitcoin markets — traders will no doubt be closely eyeing signs of potential impact from Bakkt’s product in the coming days.  Taking a wider view, Fundstrat analyst and well-known Bitcoin bull Tom Lee had tweeted on Sept. 20 that he was “very positive on Bakkt and its ability to improve trust with institutions to crypto.”

Bakkt Trades 18 BTC in First 7 Hours as Bitcoin Price Falls Below $10K, CoinTelegraph, Sep 23
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