As Bitcoin exchange-traded funds (ETFs) are still awaiting SEC approval, derivatives have become the product of choice for most Bitcoin traders. The much-anticipated Bitcoin derivative platform Bakkt was finally launched this year, after which the transaction volume hit a record high. Bakkt has been delayed due to a careful start (process).
According to CoinGecko co-founder Bobby Ong, this slow and stable approach is more noteworthy in traditional exchanges than in local crypto exchanges. However, Bakkt is still part of the competition for derivatives, but as the market grows, users have been speculating that there is a strange reverse relationship between the price of BTC and its futures trading. After the much-anticipated Bakkt was launched this year, instead of a sharp spike in Bitcoin, it dropped sharply. This theory began to gain support. In an interview, Bobby Ong commented on the theory, saying, "This may be a factor, but I think there are other reasons. Every time a CME contract expires at 4 pm London time, there is usually a violent Price fluctuations. "However, as the open positions of Bakkt Bitcoin futures on December 3 hit a record high of $ 6.54 million, this speculation was soon calmed down.