The volume of trades on the Bakkt platform for the first week amounted to only $ 5 million

The volume of trades on the Bakkt platform for the first week amounted to only $ 5 million

On September 23, trading on Bitcoin futures with physical delivery started on the platform for institutional investors Bakkt, but in the first week the trading volume amounted to only $ 5 million.

For the first week of working on the platform, 623 monthly contracts were concluded, which is about $ 5 million at a bitcoin price of $ 8,300. Day futures turned out to be even less popular – investors concluded only five of these contracts.

For comparison, on the CME stock exchange only 4,099 contracts were concluded last Friday. At the same time, if on the Bakkt platform one contract is 1 BTC, then on the CME exchange it is 5 BTC.

Bakkt is intended for institutional clients such as hedge funds and asset management companies. Earlier, the platform’s management stated that the launch of bitcoin futures with physical delivery would be a milestone for the cryptocurrency industry.

“The process of moving from one platform to another can be delayed, of course, if it is not a matter of reducing costs or improving liquidity on the platform. Such things usually develop slowly, ”said Dave Weisberger, a former employee at Citigroup and Morgan Stanley.

Recall that after a not very successful launch of the platform, the rate of the first cryptocurrency collapsed by 13%. At the time of publication, bitcoin is trading at $ 8,230.