Even though the much-anticipated Bakkt futures exchange was expected to have a slower build-up for their trading volume, things do not seem to be looking up as the month debuted with even lower volumes.
According to the Bakkt Volume Bot (@BakktBot), there were only 28 BTC traded on the platform yesterday. A day prior, the exchange recorded a volume of 132 BTC.
Summary of Tuesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 28 (-79%)
📉 Day before: 132
🚀 All time high: 166
— Bakkt Volume Bot (@BakktBot) October 2, 2019
From the data we have so far, it seems highly possible that the exchange may finish the week with even lower volumes compared to the previous month’s $5.8M volume.
The disappointment of the crypto community has been propagated all over social media. Bakkt has reasoned that the recent price crash of Bitcoins also had an impact on their futures contracts performance. Even top banking institution JP Morgan also attributed the problem because of the hyped futures exchange for setting the bar so high.
If the trading volume of Bakkt keeps its downward path, it may assess the interest of “institutional investors” to get into Bitcoin. But judging by the current volumes of Bakkt, it does not appear that there are as many investors as expected.
Based on the current market response at Bakkt’s release, most are asking if the exchange brought anything new to the crypto sphere and a disappointing performance might cement the exchange’s reputation as a failed project.
The following months will determine if Bakkt will be able to establish itself as a major player in the crypto market. But the crypto market will have to wait in order to see if Bakkt even manages to get it together by the end of the week, but hopes are still high.
Featured image: cryptonomist.ch