One hour after this article is published, the much-ballyhooed Bitcoin (BTC) futures exchange will have its first weekend pre-open… ever. As spotted by analyst Salsa Tekila, the physically-deliverable contracts from Bakkt will begin trading at 7:55 PM Eastern Standard Time (EST) — this translates to 4:55 PM for those on the West Coast, 12:55 AM for those in jolly old England, and 7:55 AM for those in Hong Kong, Singapore, etc.
Then, on the morning of September the 23rd, the Bakkt Bitcoin market will fully open for the first time ever.
While you all, dear readers, likely do not have access to Bakkt’s Bitcoin futures from the get-go, due to the institutional focus of this product, you should still be prepared with your fingers on the trading trigger.
As the analyst went on to point out, the launch of the exchange eerily coincides with the close of Bitcoin’s weekly candle, with the pre-open starting actually five minutes before the weekly close.
Bitcoin is known to undergo some odd bouts of price action going into and coming out of weekly closes. And with Bakkt traders in tow, this volatility and unexpected price action may only get worse.
As this is meant to be a PSA, not an article or analysis, you won’t find much about the predicted effects of Bakkt on the cryptocurrency market here. But, you can check on these articles of you want to take a closer look.