Bakkt futures launch fails to support Bitcoin (BTC)

The trading on Bakkt platform started during early Asian hours with the first deliverable bitcoin futures traded at 20:08 EST, September 22. The company confirmed that the contracts are actively traded and backed by real Bitcoins stored at Bakkt Warehouse

"Bakkt Bitcoin Futures are now actively trading on ICE Futures U.S., while the Bakkt Warehouse continues to onboard bitcoin We take our customers’ trust seriously, and are excited to serve this market,” the team wrote in on Twitter.

Meanwhile, the market reaction seems to be rather quiet as Bitcoin slipped under $10,000 handle and continued moving with a bearish bias. At the time of writing, BTC/USD is changing hands at $9,960, off the intraday low of $9,864.

However, cryptocurrency experts believe, that the launch will have a huge positive effect on the market in the long run.

“The move to centralize and create a scalable infrastructure for crypto asset investment” is a positive step. Because the ICE contracts will deliver actual Bitcoin, an investor can potentially profit first from the rise in the futures price and then take possession of the coins. I can capture both pieces and continue to ride that upward,” said James Putra, head of product strategy at TradeStation Crypto. 

Also, industry analysts emphasize that Bakkt futures are settled in real Bitcoins, unlike other futures that are settled in fiat money. This will result in better price discovery and better liquidity for Bitcoin.