Trading of Bakkt’s physically-backed bitcoin futures saw something of a slow start at launch today.
Minutes after the launch at 12:00 UTC, the first Bakkt/ICE futures contract changed hands at $10,115. The number of contracts in the first hour stood at just 5 total. At press time (10 or so hours later), 28 contracts had been traded, with just one at a sub-$10,000 price.
Some online commentators believe the slow start is a natural progression for regulated futures products.
Su Zhu, CEO and CIO of Singapore-based hedge fund Three Arrows Capital, said that most regulated futures contracts see low adoption on the first day, simply because not all futures brokers are ready to clear them.