{"id":120154,"date":"2019-12-04T18:21:01","date_gmt":"2019-12-04T18:21:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=120154"},"modified":"2020-03-20T02:45:27","modified_gmt":"2020-03-20T02:45:27","slug":"bakkt-claimed-its-bitcoin-futures-contracts-wouldnt-be-traded-on-margin-for-market-integrity-turns-out-they-are","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bakkt-claimed-its-bitcoin-futures-contracts-wouldnt-be-traded-on-margin-for-market-integrity-turns-out-they-are\/","title":{"rendered":"Bakkt claimed its Bitcoin futures contracts wouldn’t be traded on margin for “market integrity” \u2014 turns out they are"},"content":{"rendered":"

Bakkt\u2019s intention to provide a pure non-leveraged Bitcoin futures product seems to have evaporated \u2014 both of the firm\u2019s futures contracts are traded on margin, as pointed out<\/a> by Alex Kruger<\/a>:<\/p>\n

“Myth: Bakkt futures fully backed by bitcoin. Reality: Bakkt futures 37% backed by dollars or treasuries.”<\/p><\/blockquote>\n

More than a year ago Bakkt<\/a> CEO Kelly Loeffler<\/a> announced<\/a> that the firm\u2019s debut daily futures contract would be \u201cfully collateralized\u201d and \u201cnot be traded on margin, use leverage, or serve to create a paper claim on a real asset.\u201d<\/p>\n

This, she assured, was a natural decision given Bakkt\u2019s commitment to supporting \u201cmarket integrity\u201d and \u201ctrusted price formation\u201d in the cryptocurrency market, an ideological point of difference that purportedly set the firm aside from the incumbent cash-settled BTC futures contracts at CME Group<\/a> and the now-defunct CBOE offering.<\/p>\n

Expectedly, the notion of a physically-settled, non-leveraged BTC futures offering was widely praised in the crypto community, a group that has often described the cash-settled CME and CBOE contracts as the establishment's means to manipulate Bitcoin (to this day the two contracts are suspected to have been behind Bitcoin\u2019s sheer decline in December 2017 down from its all-time high).<\/p>\n

Going \u201cBakkt\u201d on their word?<\/h2>\n

In May this year, Loeffler walked back these statements and spoke of Bakkt contracts requiring initial margin<\/a>, justifying the changes by saying they were \u201cconsistent with capital-efficient risk management practices in global futures markets.\u201d<\/p>\n

And indeed upon launch in September, margin requirements for the flagship daily and monthly futures contracts were set at a margin rate of 37 percent (now $2,850 per BTC<\/a> at current levels), effectively doing away with the original promise of a futures contract fully backed by Bitcoin.<\/p>\n

A number of theories exist to explain this quiet U-turn, including the more cynical assumption that the initial promises were empty exercises in virtue-signaling intended to differentiate Bakkt\u2019s brand from its competitors.<\/p>\n

According to Kruger, Bakkt may have pivoted in response to traders saying they were disinterested in the daily settlement of physical BTC \u2014 this would explain why Bakkt's daily futures contract has had posted trade volumes of zero most days since launch, as well as the firm's decision to launch a cash-settled monthly contract<\/a> on Dec. 9.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bakkt\u2019s intention to provide a pure non-leveraged Bitcoin futures product seems to have evaporated \u2014 both of the firm\u2019s futures contracts are traded on margin, as pointed out by Alex Kruger: “Myth: Bakkt futures fully backed by bitcoin. Reality: Bakkt futures 37% backed by dollars or treasuries.” More than a year ago Bakkt CEO Kelly […]<\/p>\n","protected":false},"author":175,"featured_media":120183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBakkt claimed its Bitcoin futures contracts wouldn't be traded on margin for "market integrity" \u2014 turns out they are<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bakkt-claimed-its-bitcoin-futures-contracts-wouldnt-be-traded-on-margin-for-market-integrity-turns-out-they-are\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bakkt claimed its Bitcoin futures contracts wouldn't be traded on margin for "market integrity" \u2014 turns out they are\" \/>\n<meta property=\"og:description\" content=\"Bakkt\u2019s intention to provide a pure non-leveraged Bitcoin futures product seems to have evaporated \u2014 both of the firm\u2019s futures contracts are traded on margin, as pointed out by Alex Kruger: “Myth: Bakkt futures fully backed by bitcoin. 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