The performance of bitcoin futures exchange called Bakkt has been degraded to a very drastic level as it slumped by 79% yesterday. This news of plummeting has saddened many faces in the crypto community.
Contrary to Expectations
The news about the launch of Bakkt futures had created hype in the crypto world and analysts were very optimistic about its bright future. However, it was also said that initial speed would not be satisfactory but the current condition is very opposite and drastic as well.
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The Bukkt Volume Bot has revealed the data about the contracts that had done yesterday and the day before. According to the tweet, the total numbers of contracts made on Oct.1 are 28 that have been reduced from its previous value by 79%. Since the traded contracts that happened a day before are 132 and the all-time high are recorded 166. This report is not according to the expectations that have been made before its launch.
Summary of Tuesday’s Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 28 (-79%)
📉 Day before: 132
🚀 All time high: 166
— Bakkt Volume Bot (@BakktBot) October 2, 2019
The Rivals are performing well
The rival platforms are going well and the trading volume is much higher than Bakkt. It was reported that 4,099 bitcoin futures contracts were made on Friday on the exchange CME. The traded wealth is counted almost $165 million on one single day. It is said that the platform has not yet caught the attention of big whales and investors.
The gossips about its failure are circulating in the bitcoin community. It has become the target of critics and many questions are raised regarding its functionality or whether they are facilitating the investors.
It’s too early to Estimate
However, some analysts and experts are claiming that it is too early to guess about the failure of the exchange. It takes time to the transferring of attention of masses from other exchanges to this one as they are beginners on the platform and may face some issues at the start. The CEO of CoinRoutes Dave Weisberger stated we still have to wait because the whole process of increasing trading volume contracts will definitely take time.
It takes time for people to move from one place to another, unless there’s a cost reason or a liquidity reason.