Bakkt, a regulated bitcoin custodian and futures contract provider backed by the Intercontinental Exchange, has launched its much-anticipated product – a ”physically settled monthly futures contract for bitcoin held in the Bakkt Warehouse.”
“Bakkt Bitcoin Futures are now actively trading on ICE Futures U.S., while the Bakkt Warehouse continues to onboard bitcoin,” the company announced on Twitter. Additionally, ICE has revealed the first trading information tied to the platform. The latest recorded price is $10,115. So far trading volume is registering 28 BTC.
This might be perceived as a very low volume level for a much-anticipated product, which could cause a stir in the crypto community. “CME bitcoin futures traded $460 million in its first week. The current volume is around $700 million,” one Twitter user pointed out.
Alistair Milne, the British investor and entrepreneur, pointed out that America is still asleep, which partially explains the low trading activity and feedback from investors.
As of press time, the platform’s effect on the market is yet to be seen.