Bakkt? Rekkt!

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garry
Sep 24, 2019

Yes.

It finally happened.

Bakkt first made headlines on August 3, 2018.


Bakkt social volume since 2018


From day one, the highly-anticipated bitcoin-focused cryptocurrency exchange has been geared for the big leagues and catered to the institutional investors of the world.


Bakkt is a bitcoin futures exchange and digital assets platform founded by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).


Bakkt was expected to be an absolute game changer in the world of crypto. Some believed the launch of Bakkt’s crypto trading platform will kickstart the next bull run. Others believed the launch of Bakkt will have minimal impact on the community.


Pros and cons of Bakkt launch - https://bitcoinexchangeguide.com/cryptocurrency-news/exchanges/bakkt/


Getting back to the Bakkt social volume chart. What were the main spikes about?


The first one, in November 2018, happened when Bakkt has postponed it's launch for the first time. Of course the community tightly connected this with following BTC price tanking:

First Bakkt social volume spike. Launch delayed the first time

The second smaller one happened on an uptrend and was caused by Bakkt revealing details on it's planned products and custody.

Second Bakkt social volume spike. Product details revealed

Third one, this August: Bakkt confirms September launch date after getting green light from regulators

Third Bakkt social volume spike. Launch confirmed

And yesterday, whan Bakkt has officially launched we've seen the biggest crowd interest to this event with highest social volume:

Latest Bakkt social volume spike. The launch

Ok, now when it happened, what's going on with BTC price?

It doesn't care any more.


Notice the insane current Bakkt contracts trading volume:

Four.

1 contract = 1 BTC.

Fair to say @dindustries witnessed a high volume of 28 recently.

Some reported 71 BTC on top.


News titles:

  • Bakkt Launch to Improve Trustworthiness of Crypto Markets
  • Market Sinks Despite Bakkt Futures Launch
  • Bears Eye $7.7K to Capitalize on Lukewarm Bakkt Debut
  • Bakkt: Futures Can ‘Possibly’ Predict Halving Impact on Bitcoin Price
  • Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential

Community talks:

  • Bakkt was launched to dump not pump,the pump already happened from April to July 2019
  • It looks like bakkt just came in time for wallstreet to short, just like when future was introduced in dec 2017
  • Bakkt is a joke 🙈 Binance is the real ⚡️

(Quick check of "Binance" social volume:

Personnally wouldn't say "binance" is in uptrend)
  • Bakkt? More like Rekkt
  • bakkt is fakkd
  • Game really has changed now thanks to bakkt

Assets from this insight

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$ 7267.73

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