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The trading volume on the Bakkt platform for the first week was only $5 million

The trading volume on the Bakkt platform for the first week was only $5 million

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

During the first week of operation, 623 monthly contracts were signed on the platform, which is about $5 million at the bitcoin price of $8,300. Daily futures were even less popular – investors entered into only five such contracts.

By comparison, 4,099 contracts were signed on the CME exchange last Friday alone. At the same time, if on the Bakkt platform one contract is equal to 1 BTC, then on the CME exchange it is equal to 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 will be a milestone for the cryptocurrency industry.

“The process of moving from one platform to another can be delayed, of course, if we are not talking about reducing costs or improving liquidity on the platform. These things usually develop slowly,” said Dave Weisberger, a former employee of 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.