Bakkt Bitcoin futures drab start sinks Bitcoin to $9,600: There is potential for growth
- Bakkt Bitcoin futures attract 72 BTC in monthly contracts in the first 24 hours of their trading.
- Bakkt is likely to see rising volumes as institutional investors eagerness rise over time.
- Bitcoin recovers slightly after testing last week’s support at $9,600.
The very first Bitcoin Futures to be settled in digital currency left the train station on Monday. After the first 24 hours, the exchange recorded about 72 BTC had been entered into monthly contracts.
According to the CEO of Arrows Capital, Su Zhu, people should not be alarmed by the bleak start as regulated futures contracts mostly kick off slow. He, however, expects the volume to build up over time:
“Bakkt will be likely first a trickle and then a flood.
The reality is that most regulated futures contracts get low adoption on day one simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems, etc.”
The impact Bakkt futures will have on Bitcoin and the rest of the market will be realized over time. Besides, Bitcoin and most of the major altcoins corrected lower on debut day of the futures product. Bitcoin refreshed $9,600 while Ethereum smashed through the $200 support level. Ripple corrected towards $0.26 support but found balance at $0.2642. XRP has since stepped above $0.27 in a bid to correct the negative momentum.
Read more: Bitcoin price analysis: BTC/USD dumps as Bakkt post $600,000 Bitcoin futures sales
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
