Guess who made the first ever Bakkt trade and also the first Block Trade?
Bakkt announced it's first Block Trade today...
Bakkt disclosed today that they had seen their first ever block trade (not to be confused with @blocktrades, which is a very good exchange by the way).
https://blocktrades.us/trade :)
No, a block trade is a trade of significant size, usually conducted by an institution, that often takes place off the open market in order to avoid moving prices too much.
Interesting.
Finally, some sizable money has been invested with Bakkt!
The volume done on their exchange thus far has been extremely small:
(Source: https://beincrypto.com/bakkts-daily-trading-volume-collapses-by-79/)
So, who did the block trade?
Often these types of things are not very transparent, but in this case it was.
It was revealed that the block trade transaction was also done by the same institution that completed the first ever trade on the Bakkt Daily Bitcoin Futures products...
That was done by Galaxy Digital.
The same Galaxy Digital that was launched by Mike Novogratz (a former VP at Goldman Sachs).
Unfortunately they did not say how large the block trade was but it was interesting to note that Galaxy Digital made the transaction and they were also the ones that made the first ever transaction on the Bitcoin Daily Futures product.
No need to panic...
While the Bakkt launch may have been much smaller and slower than most would have liked, Galaxy Digital thinks they will be just fine in the long run, saying:
"As the digital asset class continues to mature, we view the launch of Bakkt as a foundational piece of market infrastructure.”
I tend to agree.
I think in a few years, we will look back on the Bakkt launch as a pivotal moment in the building out of bitcoin's financial infrastructure for institutions.
It may even help pave the way for an ETF eventually.
Stay informed my friends.
-Doc
I’m my eyes, people will need to be concerned about CME and futures. The “paper” bitcoin will try to tame it in the future just like what they do to gold and silver 😭
Yep. It will dilute one of the main value drivers of btc, scarcity. Hopefully Bakkt steals their business soon enough.
lol i see all the cool people here on neoxian city, thank god we dont have to deal with downvote union of losers
we are all chilling here on neoxian city with all the WINNERS
FREE SOV for all u guys just come to this telegram ill sov you https://t.me/eossov
What is that?
+1 from my side as well. And, resteemed. 😁
Thank you!
This is exactly why it was priced in so heavily and then dumped on launch. The dump doesn't matter, it's the price-in that's impressive. In fact, the bigger the dump, the more you know it was priced-in at a higher value to begin with.
That pump was just as big as any other major speculative event (like a halving) and I believe it could bring just as many fundamental gains as the pump and dump suggests (over the next few years, as you say).
Yep, I think so too. If anyone has connections to institutional investors, it's these guys. Slow and steady often wins the race.
Upvoted and resteemed before I even read it was galaxy digital, i thought it was YOU :D
Good news for @block.one and @dan and @stan lol also SEC news, youd think EOS would go up lol nah too much EOS going into SOV and DAPP and TELOS and soon PEOS but yeah SOv lol wow
SOV is teh new bitcoin because deflation and eos
Ha, I wish it was! That woulda made for a fun post for sure.
Great to see Mike Novogratz coming in at these levels. I heard him talk on stage about Bitcoin and Ethereum and he bought ETH when it was just a concept in the hope they would send him some later on.
I think he’s cool guy and it’s good to see him still as involved and interested in this space as he originally was 5-6 years ago 👍🏼
Good find JC! 💪🏼😁
It is helpful to have involved. He should be a great bridge between wall street and bitcoin/crypto.
Absolutely! I think he is responsible for more of the Venture Capital I see flowing into the Crypto space. The new coinbase coins that they have announced are all backed by USA VC and very smart Investors finally 👍
Nice post! Hadn't heard of this, Galaxy digital also invested a ton in one of the most promising blockchain backed trading card games in this day and age called gods unchained link includes a beta key if you wanna try it! PS. I'm heavily invested and hoping it will allow me to buy a lot more Steem than I traded for it in the near future. ;)
Other big investors so far are Tencent and since the beginning Coinbase has backed it as well.
Wow, those are some pretty big names! I will have to take a look. I remember seeing it on here a while back. Thanks for the heads up!
Novo just stated at Korea Blockchain Week that Galaxy’s #1 investment thesis is blockchain games. Given what we’ve seen here with Splinterlands, I’d bet he’s right.
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