The interest of institutions has been on the decline in cryptocurrencies. The much-hyped launch of Bakkt failed to generate enough trading volume during the first week. Mentions of interest in bitcoin from institutions in news headlines have plummeted to a yearly low.
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In the last year, there has been significant growth in the value of digital asset markets, and many believe that the rise was due to institutional investors. However, new data shows that the collaboration between institutions and cryptocurrency has gone down significantly.Many analysts have observed a lack of interest in bitcoin among institutions
The launch of Bakkt’s physically delivered BTC futures contract failed to meet the hype, which indicates the lack of interest in bitcoin among institutions. Many from the crypto community had speculated a strong institutional interest in the leading cryptocurrency. On 2nd October, The Tie reported that mentions of institutional interest in bitcoin in news headlines have plummeted to a 2019 low after seeing significant growth during the summer.
The recent Bakkt launch, which was supposed to be a litmus test for institutional interest in BTC failed miserably. Crypto analyst Larry Cermak tweeted that the first seven trading days of Bakkt has been quite underwhelming. Total volume so far has been $6.5 million.
Despite the data pointing to a lack of institutional interest in bitcoin, many exchanges who provide derivative tradings are doing quite well. Recently Bitmex was probed by the US Commodity Futures Trading Commission for allegedly allowing customers to trade leverage. Bitmex is a market leader when it comes to derivatives. Reports suggest that Bitcoin cash futures will be initiated on a CFTC regulated exchange in the first quarter of next year.
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