About a week ago I pointed out the descending triangle bitcoin price was saddle within. Since that time price action has gotten tighter and tighter.
Generally so sort of catalyst props a push either higher or lower to break out of the formation.
Bakkt Launched Today
I don’t know that this will cause a spark or not immediately, but it could have some impact over the course of a few days as positions are established.
The beauty of Bakkt is….
There actually has to be bitcoin used to physically settle futures contracts. As opposed to cash settlement where no bitcoin ever needs to actually be in play. So, even though one can use margin for futures positions. At the end of the day (or contract I should say) physical bitcoin is technically supposed to be delivered.
Given that institutions generally play in the futures market and Bakkt will also provide custody accounts it makes sense that this will drive more demand for bitcoin investing.
I guess we will see come this time next week what kind of impact it has.