Bakkt - page 5. | Bitcointalksearch.org

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

New Volumer record on Bakkt:

Quote

Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:

📈 Traded contracts: 5671 ($42.52 million, +148%) (New ATH 🚀)
🚀 All time high: 5671 (11/27/2019)
💰 Open interest: $4.16 million (+6%)

Follow
@BakktBot
for updates - Sats welcome @ https://tippin.me/@BakktBot

https://twitter.com/BakktBot/status/1199951594701434880?s=20

5,000 traded contract starts to be comparable with volumes observed on CME, trading 5,000-10,000 contracts daily (each one of them controlling 5 bitcoin).

The most important thing is the dynamics on those volume records: they are getting positive traction!

Wexlike

legendary

Activity: 1473

Merit: 1086

Quote from: fillippone on November 22, 2019, 04:39:00 PM

*skip*
Of course putting this in perspective, when CME cash settled future trades 10,000 Lots (each one of them controlling 5 bitcoins, so 50,000 Bitcoins equivalent) tells a different story, but we have to reckon things are beginning to spin for Bakkt.

*skip*

50k traded BTC daily ?? That's a shitton of volume!

infofront

legendary

Activity: 2646

Merit: 2842

Shitcoin Minimalist

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Little update.

With more clearers onboarded, BAKKT has finally developed a few volumes.
With recent price volatility not only volumes raised, but also Open Interest is at historical maximum: this means trading volumes weren't scalping, but real positioning by players.

Of course putting this in perspective, when CME cash settled future trades 10,000 Lots (each one of them controlling 5 bitcoins, so 50,000 Bitcoins equivalent) tells a different story, but we have to reckon things are beginning to spin for Bakkt.

We see volumes and open interest are way higher then on Bakkt, but OI is low compared to other seasons.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

We have a first glimpse of Bakkt Open Interest via Bloomberg Terminal, a professional service not available to general public, but we might find this information also for free in the next weeks.

More informations here.

barbara44

hero member

Activity: 2548

Merit: 605

The release of bakkt may have been bearish at the onset, but I still believe that as the platform grows, there will surely be an improvement of this bakkt on the market and I was quite surprised also to have seen how much they have grown now, because I could remember that when that bear struck the market, they were trading at 7 btc, but now to have over a thousand within that short time to now.

I think that it is really a great news that their product is getting response from people and this might all be some of the things that contributed to the increase or the surge in price of bitcoin that we witnessed of recent, even though we are all trying to attach it to china president news on blockchain, but I still think that bakkt has something to do with it also.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

A few updates from Bakkt world.
I think all of them are positive news, so I am collecting here for further discussion and though feeding:

1. Bakkt announced options trading live from Dec 9th.
Bakkt bitcoin options on futures to launch December 9: an industry first

Quote
On December 9, Bakkt will launch the first regulated options contract for bitcoin futures. We’re committed to bringing trust and utility to digital assets and the options contract is an example of the many products we’re developing for regulated markets. The Bakkt Bitcoin Options contract will be based on the benchmark Bakkt Monthly Bitcoin Futures contract and represents another important step in developing this asset class for institutional investors, their customers and investors.

More information, contract specifications etc can be found here.
2.Bakkt announced an integrated platfom to leverage their wharehouse in a ecosystem providing state-of-the-art security and integration. Basically a phase 2 of their product offering.
Unlocking the value of digital assets

Quote
Billions of dollars in digital assets exist today across the world, such as bitcoin, cashback and rewards, in addition to other forms of digital value relied upon by consumers and merchants. A key feature of the model we’ve designed is to support a superset of digital assets, including cryptocurrencies, as seamlessly as investors transact in stocks in a retail brokerage account. Our vision is to provide a consumer platform for managing a digital asset portfolio, whether they wish to store, transact, trade or transfer their assets.
3. Bakkt future volumes are defintely on the rise:

[Source]
Volumes picked up, topping 1,187 BTC traded in a single ssession with a robust positive momentum in tading activity.
Volumes are slowly trickling down also on back months (longer futures expiries)
They finally solved their launch rollout phase: now they have 6 FCM (Full Clearing Members- institutions fully abilitated to directly access their wharehouse), 2 of those being retail brokers. The lack of clearers has been a drag in other futureS product launch (CBOT/CME had serious issues getting their future cleared by clients) , and now the bottleneck has been removed.
A decent underlying price volatility has also helped driving futures' trading volumes up.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Another thing to think about when speaking of Bakkt is that actually not all the institutional money willing to trade BAKKT is able to do so.
To buy Bakkt smaller institutions, that are not exchange members (all smaller institutions, basically) must go trough a clearer.
A clearer is someone rolling your positions from your trading account to the exchange trough their own accounts, and eventually taking care of delivery procedures.
Well, while clearing a cash future is quite trivial, clearing a physical Bitcoin is totally another story.
When CME/CBOT launched a lot of clearer were late in allowing their own clients clear the cash settled bitcoin, even if it was virtually indistinguishable from any other future from clearer’s perspective (being only a sum of cash flows).
As far as I know the story is repeating this time, only in a bigger scale, as available clearer are even less prone to allow clients trade for the moment, I think mainly for technical reasons handling clients bitcoin with good enough security and accountability.

This is another reason why is important to keep an eye on the volumes: best way I found to do so is following @bakktbot on Twitter

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Quote from: gentlemand on October 08, 2019, 12:55:30 PM

Quote from: fillippone on October 08, 2019, 12:52:36 PM

Not bad, could have been better. We have patience, with those sideline market it couldn't be so much different.

Does anyone know what their fee structure is and how much money they'd be making from a 100 BTC volume day? I'd love to know what projections they sold the idea to investors with.

I will investigate this, and I have a feeling how to do that.
But my gut feeling is that they need at least a couple of orders of magnitude of increase to turn this product profitable.

EDIT:
I found something.
Fees are pretty expensive considering a contract is now worth around 10,000 USD.
https://www.bakkt.com/publicdocs/Bakkt_faq.pdf

Fee Category

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: fillippone on October 08, 2019, 12:52:36 PM

Not bad, could have been better. We have patience, with those sideline market it couldn't be so much different.

Does anyone know what their fee structure is and how much money they'd be making from a 100 BTC volume day? I'd love to know what projections they sold the idea to investors with.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Adding a few observable, objective data to the discussion:

Monthly contract volume so far (source a twitter bot).

Not bad, could have been better. We have patience, with those sideline market it couldn't be so much different.

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: dragonvslinux on October 02, 2019, 09:08:15 AM

To anyone who bought into the hype around $10k I wouldn't panic though. Remember those who bought into the bearish conditions of 2018 at $6k?
They are doing just fine now and if anything are waiting to double down on their positions

I would not even see their decision to have bought around $10k as mistake, no one really could see this dip coming and this dip is something that many of us are already used to, we know that there are times where bitcoin would want to make some corrective moves and these are part of the risk that we talk of in cryptocurrency investment which we must have built our minds towards, which should help us not to panic once our mindset is built towards this.

The price will surely bounce back to the $10k and the only regret I think that we can have is that we could not put money at the $10k to make some little cash when the price goes back to $10k, but that is for trader, for long term investors, there should be no regrets as the price will be far higher than even $20k in future.

victoria444

copper member

Activity: 258

Merit: 1

We can see that Bakkt doesn't have any effect on the general market, even Alts. Generally, new money will only pump in when their is some sort of security regarding crypto. I think this will come from educational projects in blockchain, because they seem to have 99% direct similarities with centralized entities, example is Ledu. This similarity will make it easy for them to have an onboard newbies into crypto.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

I wish I had seen this thread earlier to pitch in. To me it was obvious, we all saw what happened when CME launched at the peak of the 2017 bull market.
Not forgetting others "launches" such as BSV have been detrimental to the price also. Ignoring the price target, here's a comparison of previous "launches".

Quote from: dragonvslinux on September 29, 2019, 06:47:30 AM

Hence I always anticipated a dump from the bakkt launch, predominantly because it was a perfect bearish set up technically speaking:

Quote from: dragonvslinux on September 29, 2019, 06:47:30 AM

To anyone who bought into the hype around $10k I wouldn't panic though. Remember those who bought into the bearish conditions of 2018 at $6k?
They are doing just fine now and if anything are waiting to double down on their positions

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: Deborah Christine on October 01, 2019, 08:15:36 PM

The Bakkt launch was very disappointing in a week their volume only reached $ 5 million (Source: coindesk.com).
Not according to expectations. But we must be patient. And we have to wait and see how Bakkt's volume performs over the next few months, whether they will be able to attract investors or not. And how it influence the price of bitcoin.

CME was already long established and everyone who was anyone was already on there. All they have to do to is click on the new BTC section in the platform they've always been familiar with and away they go.

Bakkt may be set up by the connected but it's still a brand new platform and getting rolling takes time. There'll be risk mitigation, integration, system stuff. We've no idea how sluggish or demanding professionals may be until they feel ready. They might have a list a mile long that needs ticking off before they're allowed to go on there.

It might be a months or years before the userbase gets fully comfortable with it. I assume Bakkt know this and have planned accordingly.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Given the hugely successful launch of Bakkt this news is almost no news:

CME Exec: No Plans for Physically Settled BTC Contracts Currently

Quote

The Chicago Mercantile Exchange (CME) Group has no current plans to launch physically settled Bitcoin (BTC) contracts, a senior executive said.

Tim McCourt, global head of equity index and alternative investment products at CME Group, told MarketsMedia on Oct. 1 that all new contracts or products are driven by customer demand.

This makes sense from a business perspective.
They have a fully functional cash -settle product. There's no demand for the moment for a physically settled one, for the moment. They have the technology to be close followers in case demand builds up.

Deborah Christine

sr. member

Activity: 864

Merit: 284

The Bakkt launch was very disappointing in a week their volume only reached $ 5 million (Source: coindesk.com).
Not according to expectations. But we must be patient. And we have to wait and see how Bakkt's volume performs over the next few months, whether they will be able to attract investors or not. And how it influence the price of bitcoin.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

If you are interested in BAKKT you might be interested in my new thread:

Everything you wanted to know about BTC futures but were afraid to ask!

I tried to explain what a future is/how it works/what does it tells us about future market prices of bitcoin.
It is still a work in progress: suggestions more than welcome!

davinchi

legendary

Activity: 2100

Merit: 1058

Quote from: ardentvolcanoes on September 28, 2019, 12:53:39 PM

Quote from: Harlot on September 25, 2019, 11:24:38 AM

Quote from: ePesoInitiative on September 25, 2019, 11:02:57 AM

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

It's not BAKKT's fault on why Bitcoin suddey went down its our fault on believing at the hype that on its launch BTC will skyrocket up, its our fault that we believed on news sources that this could signify the next bull run for the market, its our fault on believing the news and not on the charts. BAKKT definitely has nothing to do with this and really hype is the one to blame why we believe that BAKKT is the game changer here. I hope you get the bigger picture that not all price action happens because of the news we are seeing.

Expectations against realities, BAKKT's speculations to pumped the market gave whales a good timing to shake the market. We do seen crashes over crashes and make the entire market to follow the trend, this downfall is not created by the launched of BAKKT but instead the high expectations that turned to disappointment. Weak holders will not wait they will go with the flow and regrets after the bounce happen again.

The problem that I see is that people are always full of expectations based on assumption without actually analyzing things properly and thinking on every direction if such event will actually make the impact as much as we thought. Many people have thought that the moment the bakkt is being released, they will surely start increasing the price of bitcoin, and they fail to face the reality that there is need for them to grow fully first and attract more users if they are going to have any effect on the price of bitcoin.

We cannot completely rule out the fact that bakkt will have effect on bitcoin price, it will but may not be this period of time, the cryptocurrency space is too large for just one factor to make so much significance like we wanted, so we should always learn not to actually expect too much from projects without fact.

ardentvolcanoes

sr. member

Activity: 1050

Merit: 252

Quote from: Harlot on September 25, 2019, 11:24:38 AM

Quote from: ePesoInitiative on September 25, 2019, 11:02:57 AM

Bakkt is a failed exchange launch - regulated means nothing for the Bitcoin price. And currently Bitcoin is still crashing at the moment to $8,200 after weeks of consolidation. It will probably stop around $7,700.

It's not BAKKT's fault on why Bitcoin suddey went down its our fault on believing at the hype that on its launch BTC will skyrocket up, its our fault that we believed on news sources that this could signify the next bull run for the market, its our fault on believing the news and not on the charts. BAKKT definitely has nothing to do with this and really hype is the one to blame why we believe that BAKKT is the game changer here. I hope you get the bigger picture that not all price action happens because of the news we are seeing.

Expectations against realities, BAKKT's speculations to pumped the market gave whales a good timing to shake the market. We do seen crashes over crashes and make the entire market to follow the trend, this downfall is not created by the launched of BAKKT but instead the high expectations that turned to disappointment. Weak holders will not wait they will go with the flow and regrets after the bounce happen again.

Pages:

«
1
2
3
4
5
6
7
8
9
»

Bitcoin Forum>Economy>Economics>Speculation

Jump to:

Topic: Bakkt - page 5. (Read 5599 times)