Bakkt Bitcoin futures contract trades only $5 million in the first week

According to CoinDesk, the most anticipated first week of the Bakkt Bitcoin futures contract is only $5 million (based on the price of $8322 at the time of publication), with 623 copies of monthly futures contracts, and daily contract transactions. The amount is less than 5 copies. In contrast, only one day on Friday, its competitor CME traded about 4,099 bitcoin futures contracts. CME's futures contract represents 5 bitcoins, meaning its single-day trading volume is $165 million. CoinRoutes CEO Dave Weisberger said that Bitcoin investors currently have a lot of places to buy and sell in the market, but this does not mean that the launch of Bakkt is a failure, and everything is too early: "People are moving from one place It takes time to get to another place, unless there are cost or liquidity reasons. This tends to be slow.” Intercontinental exchange spokesman Damon Leavell said in an email that during the first week of its new Bitcoin contract, “The industry is actively participating.” The contract that expires in October "has the smallest bid-ask spread on the market, which is an exciting achievement."