The Intercontinental Exchange’s Bitcoin futures contracts platform, Bakkt, has been launched for almost a month now. However, the Bitcoin community is still considerably disappointed in its performance and it would seem like with every passing day, some more hope is being lost.
Long before the official launch, Bakkt has been suggested by many traders and analysts, to be a strong enough factor to play in the Bitcoin field, if the world’s largest cryptocurrency is to again enjoy any of the past glory it has been known for, for a while.
Since it’s the first platform that settles contracts in Bitcoin and fully authorized, it was thought that institutions who have been interested in the market but have long stayed away because it’s largely unregulated, would come in. However, that has not been the case.
Precisely on the 10th of October, information from Bakkt Volume Bot (@BakktBot) – a Twitter account dedicated to live tracking of Bakkt activity – recorded that the platform saw a 796% jump to 224 contracts from the 25 it traded the previous day.
When this happened, it was thought that the platform was probably picking up and even if it might not repeat such a heavy surge, it would begin to perform favorably. However, the day after, the platform lost 51% of the trajectory and only traded 109 contracts.
The latest tweet from the bot now has it that only 8 bitcoins have been traded on the platform, after more than half of the day (54%) was already gone.
On the first day when Bakkt officially opened and trades were disappointing, many market contributors wrote the situation off, suggesting that it might have been a little too early to conclude that Bakkt was a failure and wouldn’t be the messiah the market wanted.
Since then, trades have not really picked up and even the Bitcoin price has suffered so much that a recent Binance Research Report blamed Bakkt for Bitcoin’s drop to $8,000 from where it was, near $10,000.
Investors are still watching Bakkt with fingers crossed, but there are no real pointers to the possibility of a surge, anytime soon.