Analysis: Bakkt's market share is lower than Bitmex, Deribit, etc. due to five major factors

Three Zhu Capital CEO Su Zhu tweeted that he had lunch with the largest shareholder of the Intercontinental Exchange (ICE) last week. He asked Bakkt why he didn't gain more market share than Bitmex, Deribit, etc. I replied that the reasons are as follows: 1. Excessive reliance on clearing brokers; 2. Cannot use BTC as margin; 3. Cannot trade around the clock (24/7); 4. Cannot conduct unlimited small-scale transactions; Times.