Before jumping to a conclusion on bitcoin crash reason, we need to determine what was the expectation from bakkt ?
Many people thought that the bakkt will launch , the marketcap and volume of bitcoin will increase enormously as institutional investors will enter in to this market. Yes, they will invest but no one said that it will happen on the first day or the first week. We need to give some time to this new platform for bitcoin futures and only after sometime we may see positive results for crypto currencies.