Re: Bakkt physically-settled bitcoin futures a dead born baby?
You would have thought that the "testing" of the first physically-settled bitcoin futures by Bakkt would have made some ripples in the pond by now, but it is either a born dead baby or the ripples in the pond has been over hyped by the media and the response to this announcement were anticipated and priced into the market. 
It is either that or the market anticipates that this "testing" is just a marketing gimick, because the Commodity Futures Trading Commission (CFTC) has not approved this new product yet.
It is either that or the market anticipates that this "testing" is just a marketing gimick, because the Commodity Futures Trading Commission (CFTC) has not approved this new product yet.
Hyping up the testing phase seemed like a marketing gimmick. Maybe the market will react to the actual launch, or maybe it won't react at all. The Bitcoin markets seems to defy all logic sometimes.
My understanding is they don't need CFTC approval since they are self-certifying through the ICE. What I'm not sure about is whether there is a delay in receiving NYDFS trust status. That's central to their custody arrangement.