Bakkt has declared the warehouse open for customers to deposit and withdraw bitcoin ahead of the full bitcoin settled futures launch on the 23rd of September. They say:
“Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23.”
The regulated futures offering by Bakkt “brings more flexibility in managing bitcoin exposure,” they say with this announcement made just hours after 94,000 bitcoin moved at 3:30 AM London time earlier today, worth more than $1 billion.
Who moved these funds is unclear, but it looks like they were accumulated in 2016 through smallish purchases of bitcoin with the address then dormant until today.
It looks like the address of an entity like Bakkt or perhaps VanEck which is to start trading the fully bitcoin backed institutional ETF.
Both Bakkt and VanEck will presumably need some sort of bitcoin reserves to provide their service of buying and selling bitcoin to primarily institutional investors.
Meaning this $1 billion wallet most likely belongs to one of them, with Bakkt to offer physically delivered bitcoin futures that settle daily and monthly.
They’ll have their own buy and sell order books, with arbitrage very much possible in regards to exchange prices.
This new market for bitcoin may then pave the way for a full bitcoin ETF, as well as for potentially greater acceptance of bitcoin for payment.
That’s because companies like Starbucks might feel a lot more comfortable handling bitcoin payments through Bakkt conversions, and thus might start accepting the cryptocurrency in their many branches.