WTF? So this drop isn't exactly what I expected, could it be BAKKT was overly hyped for so long that nobody cares anymore?
If I can continue speculating: I wouldn't be surprised institutional investors are going to cause a price increase once Bitcoin is low enough.
I think it can be compared to the latest Litecoin halving. Definitely pumped by the news.
Litecoin is not bitcoin. So sometimes problematic to even attempt to conceptualize them in similar dynamics - even though some litecoin bagholders like to ponder in such fantasies.