It's hard to see the launch being a bearish catalyst. After all, it's a new platform that allows for institutional investment......how could that be perceived by the market as bearish? Plus, the launch will be around the 3-month mark since this bearish correction began. By then, I believe time will be running out for this downtrend.

Bakkt seems really confident they are launching for real this time. So given the timing, it could act as a bullish catalyst. It's probably either that or a total nothingburger.