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