On August 19th, Gu Yanxi, founder of CBX Research Institute, published the Bakkt research notes. He believes that: 1. Bakkt essentially provides a bitcoin spot transaction with leverage. 2. Due to the characteristics of Bakkt compliance, the market position in the futures trading industry, the attributes of the products offered for trading, and its broad institutional user base, Bakkt's market share in the global bitcoin trading market will rise rapidly. 3. The global bitcoin spot trading price will be subject to the trading price of Bakkt daily delivery bitcoin futures. 4. The settlement price of Bakkt's daily delivery of futures products will become an important basis for the settlement price of Bitcoin worldwide. 5. The volatility of bitcoin spot trading prices worldwide will decrease. 6. Bakkt's launch will further promote the acceptance of Bitcoin by other financial regulators around the world, and there will be more compliant exchanges offering Bitcoin transactions, which will further differentiate existing entrepreneurial cryptocurrencies. Exchange. 7. Further promote the need for compliance compliant encrypted digital money custodians by global compliance exchanges. Technology companies offering encrypted digital asset hosting services will therefore have more opportunities. 8. The custody of digital currency transactions cannot be completed in existing securities custodians and will be done separately in a special custodian such as Bakkt. More such custodians will emerge.