News, just like rumors, sells very fast. When the Bakkt plan was discovered, it quickly spread around the community. And then the launching date was released. Again, it spread fast. There must be some nice pumps caused partly by this big news during that time. But then the launching was put off several times. The hype kind of died down. And here comes the actual launching, there was no more hype left, everybody knows what's going to happen, BTC price is red as well.

In crypto, it has always been the early bird that benefits. Buy the rumor, sell the news as they say, and this aptly applies to this Bakkt thing. If you think that the pump will happen during the actual launching, you are probably wrong, people are selling already.