The hype surrounding the imminent launch of Bakkt’s physically settled Bitcoin futures platform may not be unwarranted, as it now appears that some of the biggest BTC whales in the market are transferring their massive holdings into Bakkt’s warehouse custody solutions.
Assuming that the platform’s launch is met with great utilization, it is highly probable that it will help propel that crypto markets forward and could even spark a significant Bitcoin uptrend throughout the second half of 2019.
The Whales Swim as Bakkt Opens Bitcoin Warehouse
Although Bakkt is set to launch later this month, they officially opened their warehouse for Bitcoin deposits and withdraws today.
“Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23. The availability of physical delivery brings more flexibility in managing bitcoin exposure,” the platform announced in a recent tweet.
Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure
— Bakkt (@Bakkt) September 6, 2019
It appears that the platform has already been met with great success, as recent data shows that some of the largest Bitcoin investors have already initiated transfers into Bakkt’s wallets, which may suggest that the platform will be met with massive utilization upon its launch on September 23rd.
Glassnode, a company that offers on-chain data, explained in a recent tweet that a cluster of Bitcoin wallets containing a significant amount of the cryptocurrency did initiate transfers to what could be Bakkt’s wallets.
“Our data confirms this was the largest non-exchange entity cluster, consisting of dozens of #bitcoin addresses, with a peak balance of 124,178 $BTC that were accumulated in late 2016. According to our flags at least 73K $BTC of this whale’s balance originate from @HuobiGlobal,” they noted while pointing to a chart that shows “whale balance over time.”
Our data confirms this was the largest non-exchange entity cluster, consisting of dozens of #bitcoin addresses, with a peak balance of 124,178 $BTC that were accumulated in late 2016.
According to our flags at least 73K $BTC of this whale's balance originate from @HuobiGlobal. https://t.co/73d5v0QkyN pic.twitter.com/keiAt4ZRrC
— glassnode (@glassnode) September 6, 2019
Will a Successful Bakkt Launch Propel BTC’s Price?
Over the past year many analysts and investors alike have been pointing to Bakkt’s launch as a potential catalyst for the next bull run, and the significant amount of BTC that is already potentially being moved to the platform suggests that its launch may not disappoint investors.
Jonny Moe, a popular crypto analyst on Twitter, recently pointed to a Bitcoin chart that marks the launch of Bakkt later this month, suggesting that this could be a turning point that sparks the next run.
The chart. $BTC pic.twitter.com/cDnV30PtUZ
— Jonny Moe (@JonnyMoeTrades) September 6, 2019
As the month continues on and Bakkt begins accepting deposits to its custody solution, it is highly likely that analysts will be able to better gauge just how popular the platform will be, and whether or not it could truly be a catalyst for the next bull run.
Featured image from Shutterstock.
