Bakkt Bitcoin Futures Launch Didn’t Create a Rush

Bakkt Bitcoin Futures Launch Didn’t Create a Rush

Bakkt Bitcoin Futures Contracts – What You Need to Know

Bakkt Bitcoin Futures Launch Didn't Create a Rush

The long-awaited launch of Bakkt bitcoin deliverable futures contracts on the first day did not generate significant interest from investors and did not lead to an explosive growth in the MTC rate..

For the first 10 hours of work trading platform, only 28 transactions were registered at the mid-market price. Beyond the sluggish start, the opening the new futures market triggered another downward wave of price dynamics. Around 17:00 Moscow time, the bitcoin rate briefly dropped below $ 9,700, but then quickly returned to the $ 9,900 level..

Despite this, experts say that due to the nature of the new product, Bakkt is sure to  will have a positive long-term impact.

According to the managing partner  EXANTE of Alexey Kiriyenko, one should not expect an instant effect, since brokers have not yet connected access to these futures and custody.

«Indicative results will be in a quarter», – adds Alexey.

Many traders and analysts also share this point of view. They argue that institutional investors will take time to study a new market, elaboration strategies for successful work on it and mastering peculiarities of working with «physical» bitcoins.

Do not forget that cryptocurrencies remain speculative instruments and are highly dependent on manipulation. Therefore, the possibility of using futures to open short positions cannot be ruled out..

Topics not less the market still has high hopes for bitcoin ETFs, but so far SEC did not approve any launch proposals, and CBOE recently withdrew VanEck / SolidX bid.

Bakkt Bitcoin Futures Launch Didn't Create a Rush

text: Ivan Malichenko, photo: Reuters