In the ever-changing cryptocurrency market, Bitcoin has always been the focus of attention. Recently, the Wall Street Journal stated that the disappointing Bitcoin futures platform Bakkt caused Bitcoin to fall by nearly 20% in just two weeks. The news caused market turmoil, and investors were full of doubts about the future of Bitcoin. Let's take a deep look behind this incident and reveal the inside story and impact.

Bitcoin has always been the leader in the cryptocurrency market, and its price fluctuations have touched the hearts of investors around the world. However, Bakkt, as a highly anticipated Bitcoin futures platform, did not meet market expectations after its launch, but instead caused disappointment in the market. This disappointment quickly spread and became the fuse for the decline in Bitcoin prices.

The launch of Bakkt was originally expected, and investors expected to participate in Bitcoin futures trading through this platform, thereby driving up Bitcoin prices. However, the reality is cruel. After Bakkt went online, the trading volume did not meet expectations, and even some technical failures and security risks occurred, which further exacerbated the market's uneasiness.

At the same time, the sharp drop in Bitcoin prices also triggered a crisis of confidence in cryptocurrencies in the market. Investors are beginning to re-examine the value of Bitcoin as an asset, fearing that market fluctuations will bring huge risks. This panic spread in the market, making people full of doubts about the future of Bitcoin.

However, as is the nature of the market, fluctuations and changes always accompany every decision of investors. Although the price of Bitcoin has been temporarily affected, it still has great potential as a new form of asset. Investors need to calmly deal with market fluctuations and rationally view the long-term investment value of Bitcoin, rather than being swayed by short-term fluctuations.

For the Bakkt futures platform, disappointment is only a short-term obstacle, not a long-term end. As an emerging trading platform, Bakkt needs to continuously improve its technology and services to attract more investors to participate. Only through unremitting efforts and continuous innovation can we truly win the recognition and trust of the market.

In general, the shock decline of Bitcoin and the disappointment of the Bakkt futures platform are just an episode in the development of the cryptocurrency market. Investors should remain rational and seize the opportunity of long-term investment. I believe that as the market continues to mature and improve, Bitcoin, a digital asset, will usher in a brighter future. Let us witness the vigorous development of the cryptocurrency market together, seize every investment opportunity, and open a new chapter of wealth.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The Wall Street Journal published an article on Monday saying that Bakkt, ICE's bitcoin futures platform, delivered disappointing results two weeks after its launch, and bitcoin, the cryptocurrency with the highest market value, also fell nearly 20% in these two weeks.

The report said that the trading volume of Bakkt's bitcoin futures contracts was terrible. Only 49 contracts were traded on Friday. In the previous 9 trading days, a total of 865 contracts changed hands.

Matt Hougan, head of research at Bitwise Asset Management, said it was unrealistic to think that Bakkt would lead to a large influx of buyers. He said, "Things don't happen suddenly. They take days, weeks, months and sometimes years to brew."

Bakkt was originally scheduled to go online in November last year, but the launch was delayed several times because ICE had difficulty obtaining regulatory approval from the U.S. Commodity Futures Trading Commission. Bakkt's investors include ICE, Microsoft's venture capital arm and Boston Consulting Group. Bakkt said that more and more traders and clearing companies are using the platform.

For much of the past two years, Bitcoin backers have bet the cryptocurrency’s future on Wall Street, specifically institutional money raised from investors looking for alternative investments. But Bitcoin has been saddled with its own risks, including wild price swings, market manipulation, fraud and theft.

The problem with that is that Bitcoin is unlike any other asset class and can’t be valued using standard methods.

Bank of New York Mellon launched a fund in Europe in February designed to give investors exposure to Bitcoin’s underlying technology, blockchain. The fund, called BNY Mellon Digital
Assets, invests in blockchain-related companies and manages about $10 million in assets. It’s structured in a way that it can also buy cryptocurrencies directly, but hasn’t actually bought any so far, said Erik
Swords, a senior researcher at BNY.

The inability to value Bitcoin using standard metrics makes it hard for portfolio managers to justify putting clients’ money in it, and even harder to justify the investment if the investment loses money, Swords said.

For these reasons, most of Bitcoin’s buyers are still individual investors. According to Blockchain.com, the average number of daily transactions in the Bitcoin blockchain has been 345,000 in the past six months, up from 316,000 last year. However, these activities do not represent the entry of "outside" funds.

The institutional market for Bitcoin is still small. CME's Bitcoin futures contract, launched in December 2017, has set record trading volumes this summer, in line with the rise in Bitcoin prices. But it is still a small market. On Friday, the volume of CME Bitcoin contracts was about 2,000 contracts, but it is still insignificant compared with mainstream futures trading products.

Then there are exchange-traded funds (ETFs). Later this month, the U.S. Securities and Exchange Commission (SEC) is expected to rule on two applications for Bitcoin ETFs. Currently, ETFs have been promoted as a way for investors to invest in Bitcoin without the complexity of issues such as custody. But so far, the SEC has rejected or postponed all applications on the grounds of market opacity.

However, Hougan believes that even if the SEC approves these Bitcoin ETFs, they will be slow to get started, just like Bakkt. “This isn’t a starting gun that’s going to get everybody out the gate,” he said.