According to a tweet posted earlier this week by the co-founder of Fundstrat Global Advisors, Tom Lee, the entrepreneur is very bullish on the incoming Bakkt platform and how it will improve trust with organisations/institutions to crypto.
The platform is set to go live at the start of next week on 23rd September and will offer the first physical bitcoin futures. For those investors who have been able to deposit funds since 6th September, they will be able to deliver payouts but only in Bitcoin.
The remaining days to launch have so far been seen as a lack of progress for the bitcoin markets, which went below the $10k key resistance level earlier this week once more. Even though, the price has since spiked into the $10k range again, bitcoin could nonetheless be shifted considerably once more in the short term.
CoinTelegraph reported this week:
“Responses generated a further theory about current Bitcoin price weakness, which centered Thursday’s changeover day for CME Group’s own Bitcoin futures… futures expiration and rollover dates have historically exerted pressure on Bitcoin markets.”
Throughout the course of this month, we’ve seen a quieter entry into futures by the cryptocurrency platform, Binance. “Launching last week, figures nonetheless revealed significant open interest of $150 million, even while the product was still trading in invite-only mode.”
During this same period, open interest in CME’s futures dropped to a 4-month low which saw the performance lack once again.