This week, we executed the first block trade. We're pleased to report that the launch was successful and can accommodate large trades." Block trades are privately arranged futures or options transactions that can be executed separately from the public market. According to CME Group, block trades are often executed by large firms and institutions with particular purposes in mind. Bakkt was launched on Sept. 23, after more than a year spent ensuring full compliance with United States authorities. In the first 24 hours, the Bakkt platform traded 71 Bitcoin futures contracts. Bakkt failed to impress on the first day of trading purportedly due to the fact that the currency's price had been range-bound, so institutional traders were in no hurry to initiate positions. The day after launch, the Bitcoin price took its largest intraday hit since January, losing some 13% on Tuesday, Sept. 24.