On Monday, the launch of the Bakkt platform took place, which opened the crypto community to access trading with Bitcoin futures. Some analysts, however, noticed that the site did not live up to the expectations of many players.
The trading volume of BTC futures on BitMEX on September 23 amounted to $ 2.6 billion, while on CME the volume of trading in BTC contracts reached $ 100 million, while only 71 BTC contracts were sold at Bakkt. It is noteworthy that many hoped that the launch of Bakkt will become a trigger for the growth of the BTC rate, however, the cost of cryptocurrency, on the contrary, began to decline. On Tuesday evening, the BTC price collapsed by more than $ 800 in a few minutes – from about $ 9,800 to $ 8,150.
While everyone celebrates legacy futures exchanges trading #bitcoin , @BitMEXdotcom quietly traded 270,000 BTC ($ 2.7 billion) in the past 24 hours. Don't underestimate crypto native platforms. In some respects, they are ahead of the game. Liquidity is king! @CryptoHayes
Gabor Gurbacs (@gaborgurbacs) September 23, 2019
After observing the activity of traders on Bakkt, VanEck’s digital asset strategist, Gabor Gurbaks, wrote on his Twitter blog that at the time when everyone was happy about the start of trading on Bakkt, already-proven platforms were showing liquidity records. He considers liquidity to be an important indicator of the performance of the exchange and drew attention to the fact that traders should not underestimate the main platforms, therefore, under certain circumstances, they can “lead the game”.
