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Bakkt First Week Volume Comparable to 4 Minutes Of Bitcoin Trading On Other Exchanges

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bakkt bitcoin bitmex trading volume

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Last week marked the long-anticipated arrival of Intercontinental Exchange’s first foray into the crypto space with the launch of a Bitcoin futures trading desk called Bakkt.

And although the launch had been pitched by the crypto community as an event that would spark Bitcoin’s next bull run, now that the dust has settled on the first week of trading on the platform, it’s nothing short of a disappointment. In fact, according to data, the entire first week of trading volume amounted to roughly four minutes of Bitcoin trading on other top crypto market exchanges.

Bakkt First Week Underwhelms, A Drop in the Pan Compared to Bitcoin Exchanges

Bakkt, the Bitcoin futures trading desk from the parent company of the New York Stock Exchange was supposed to be the spark responsible for lighting the fuse to Bitcoin’s rocket to the moon and a new all-time high, is now accused of being the reason for Bitcoin’s recent price collapse that occurred less than 24 hours after Bakkt first launched.

Related Reading | Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group 

In the first week since Bakkt’s launch, the platform only traded $6.5 million in Bitcoin contracts, according to The Block’s Director of Research Larry Cermak. Cermak points out that the abysmal volume is roughly the equivalent of 4 minutes of trading on BitMEX – a popular cryptocurrency exchange that recently was the focal point of a probe from the CFTC looking into the exchange allowing US investors to trade where they otherwise should be restricted.

Bakkt's first 7 trading days have been quite underwhelming. Total volume has so far been $6.5 million. Even though it's not very comparable, BitMEX does that kind of volume in less than 4 minutes. CME BTC futures in about 80 minutes. Long way to go pic.twitter.com/Uf71fZKI0n

— Larry Cermak (@lawmaster) October 2, 2019

But the restriction hasn’t stopped traders from flocking to the platform, and the over $14 billion in weekly volume that BitMEX trades on its platform is proof. Other platforms also make Bakkt’s trading volume look weak by comparison.

Even the recently released Binance futures trading trades over $1.9 billion each week. While these other platforms have been around for some time in the crypto space, they still eclipse Bakkt by a wide margin.

Is a Lack of Interest from Institutions to Blame for Disappointing Launch?

But as Cermak points out, the two data points aren’t really that comparable. BitMEX, Binance, and others are primarily for retail crypto traders, and not the institutional investors that Bakkt is designed for.

The lack of trading volume may be more representative of the lack of interest from institutional investors and is not specific to Bakkt itself. CME Futures, yet another platform for institutional investors to trade Bitcoin contracts, only trades roughly $19 million per week – far from the trading volume on BitMEX and the others.

Related Reading | Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull 

CME Futures may be a more reasonable barometer in which to judge the success of Bakkt on. Regardless, it’s understandable that the crypto community is disappointed in the launch of Bakkt given the expectation versus the reality, but it’s still early yet for both Bakkt and Bitcoin, and the significance of a brand like ICE getting into the market cannot be understated.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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