Bakkt, a trading platform of Bitcoin Futures for institutions – owned by Intercontinental Exchange (ICE), has seen vanquished performance on its recently launched project.

The Intercontinental Exchange supports the system, and there is an unsteady growth in its daily trading volume. It had crossed a criterion of 6,000 delivered Bakkt Bitcoin Futures. Also, these contracts are traded at the ICE Futures US. If you were to pull data from Intercontinental Exchange for the week of January 20th, 2020 – you will quickly see that there was simply $0 option trading volume for multiple days in a row.

Bitcoin Still Relying On Retail Investors

Despite all the initial hype around “strong interest” in Bitcoin options, it appears that hasn’t been the case recently. Typically speaking, institutional investors tend to be most involved in options trading, because they can essentially hedge portfolio allocations. With literally $0 pouring into Bitcoin options multiple days in a row, thats a big indicator that institutional investors are still not truly engaged in the space. Bitcoin investing continues to rely on the retail markets until further developments on the reg side are established.

Crypto Regulations  

According to a well-known crypto blog, CryptoPotato, at a closed Bakkt event in Tel Aviv, President Adam White debated over the contemporary situation of the crypto regulations and the plans of Bakkt. He also discussed indirectly the next contracts of Bakkt which are beyond Bitcoin.

As per President Adam White, when it comes to the discovery of Bitcoin price, Bakkt is the world’s first and only entirely operated end-end market.

Further, Bakkt has modulated custody, exchange trading, and clarity. Bakkt is not vertically integrated. It offers a monumental structure that is a custodian. According to Adam White, such a model is necessary, unlike other markets where the guardian and the chains need to be set apart.

Moreover, Adam White does not consider them as a guardian at all. He said:

“I was an early employee at Coinbase, and your custodian didn’t even call it custody. It was just a byproduct of what you had to do to be able to trade.”

More importantly, he said that ICE is focusing on offering trading of cryptocurrencies in regulated markets. Besides, a significant part of the work done by him and his team revolves around working with regulators in the US and abroad.

Also, recently, the former CEO of Bakkt, Kelly Loeffler, left her position of CEO at Bakkt and decided to take a seat in the US Senate. As per experts, this decision was to help Bakkt’s overall goals long-term.

Reportedly, Kelly Loeffler is among the hundred senators in the US Senate. Therefore, she might back cryptocurrency and help bring legislation and educate the US Congress about the perks of cryptocurrency.

Moreover, Adam Smith gave some guesses of the upcoming cryptocurrency that is to be added to their platform. He stated:

“There’s still a lot of cryptocurrencies that it’s unclear if they are securities, Are they currencies or commodities? The CFTC has only stated they’d theoretically have approved futures on mainstream crypto assets, Bitcoin and Ethereum. Other than that, it’s still unknown. It’s under us.”

Image Source: Pixabay 

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