After just over a week of having gone live, the Bakkt futures platform is not performing as expected. Although last week saw the number of daily contracts trading go over 200 BTC on the day after the platform’s launch and those managing to stay around 150 BTC for most of last week with the exception of Wednesday, which ended with 76 BTC, today’s performance is well under the average of contracts traded so far, experiencing a substantial volume decline. On Bakkt’s bitcoin monthly futures volume bot Twitter, it was reported that only 12 BTC worth of contracts have been traded so far today, whereas yesterday closed with a trading volume of 132 BTC.
At approximately the same time yesterday, a whole 125 BTC worth of contracts had been traded.
The platform’s release was highly anticipated due to the exchange being the only one with physically-settled futures contracts, as well as for having the support of the Intercontinental Exchange (ICE), and so far doesn’t seem to be fulfilling expectations, although it is still too soon to determine whether the exchange will in fact bring institutional investors into the crypto space.
According to a JP Morgan Chase report, Bakkt might also be partly responsible for bitcoin’s double digit loss last week, which took place the day after the platform launched. In the report it is mentioned that although the introduction of physically delivered futures is a step towards helping the market’s maturity, it had probably contributed to the recent decline in the price of BTC.