Bakkt fails to impress! Bakkt fails to impress the market with its overly hyped Options trading. The institutional trading platform’s Bitcoin product isn’t doing so well. That would be an understatement – it’s doing so horrifically that trading volumes for options on Bitcoin futures contracts on Bakkt have effectively gone to zero.
Bakkt is owned by the Intercontinental Exchange (ICE), the same owners of the New York Stock Exchange. The exchange has not seen any trading of Bitcoin options in the last 10 days. ICE’s own website reports a 0 for options for January 20th through 24th.
By contrast, Chicago-based competitor CME Group has seen their Bitcoin options trading at a steady pace over the last few weeks. But even then, the exchange is seeing less and less options being executed – there was one week where there were only 59 total trades for Bitcoin options for the entire week.
There was a lot of hype and attention given to institutional Bitcoin options tradings – the question is, where has it gone?
Here’s what our own Kurt Wuckert Jr. has to say about Bakkt.
We have been saying for years that BAKKT Bitcoin Futures were the financial product that nobody needed or asked for. A few months after launch, and it seems like people don’t even notice when ZERO contracts are traded during an entire business week. The “I told you so” FOMO is strong on this one, because we were criticized for more than two years as we predicted BAKKT would be a non-event, so it is a little bit sweet to see how poorly this over-hyped goose egg is moving along.
Use the blockchain for business, or don’t even bother. Bitcoin doesn’t need more financial vehicles because it is a financial vehicle. If people don’t treat it that way, we will keep seeing dissonance like BAKKT take center stage and fade away again and again.
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