Bakkt Opens Warehouse for Bitcoin Deposits as BTC Eyes $11k

Intercontinental Exchange (ICE)-backed cryptocurrency exchange, Bakkt, has finally opened its storage facility for Bitcoin deposits and withdrawals from customers as it prepares ahead for the full launch of its Bitcoin Futures on September 23. 

This was confirmed in a tweet today by Bakkt, with the startup noting that “the availability of physical delivery brings more flexibility in managing bitcoin exposure.” 

In mid-August, Bakkt received final clearance from the New York State Department of Financial Services (NYDFS) to launch its physically settled Bitcoin Futures products after a series of delays. 

Upon the launch of the Futures, Bakkt will become the first platform to provide a physically-delivered Bitcoin Futures, which will enable customers to receive Bitcoin payments when their futures contracts expire. 

With Bitcoin deposits and withdrawals now enabled on the platform, BTC is facing a buoyant sentiment with its price now edging toward the $11,000 region. Although the cryptocurrency traded as high as $10,940 on Bitstamp, it is currently trading at $10,871 with its total market dominance now standing at 71.2%.

Whale in Action

Earlier today Coinfomania reported a single bitcoin address that became a whale after receiving 94,504 BTC  ($1,018,147,900) at around 03:30:05 UTC. While there are no clues of who owns this wallet, it may be related to the newly opened Bakkt warehouse.