you realize that rallies and crashes occur with or without news stories, right? the most important factors are price and commitment of traders. traders were heavily long heading into the dump. so when price dropped a little bit, it triggered stops, causing new lows and triggering more stops and margin liquidations, inducing panic selling as price quickly dropped 15% in a matter of minutes. that's what price does---it creates feedback loops. lower prices beget lower prices as traders and investors are squeezed into cutting their losses. news pales in comparison to these market pressures.
And what triggered this feedback loop according to you? This is not a spontaneous phenomenon, it doesn't come from nowhere, there is an origin, you can't deny that.the origin is sellers selling. you think the only reason people sell is because they read a news story? if that were true, there would be no such thing as "stop loss orders"---people would only sell if they heard bad news!
in reality there's a multitude of reasons why people sell. capital preservation, taking profit, selling out of necessity, etc......the biggest reason is because they expect lower prices. the entire market was piled on the long side, waiting to sell if prices made new lows. so price made new lows and everyone sold at once, largely because of automated stop losses and liquidations.
maybe news "triggered" a few people to sell. we could never know either way. but the reason the crash occurred was because the market was extremely bullish and long and lower prices forced them to sell.
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you really think the market crashed because bakkt didn't have high enough volume? 
In one word : yeswhat proof do you have?
i contend the market would have crashed no matter how bakkt performed. once it launched, the hype was dead and everyone was already long = lots of supply and no demand. those are the perfect conditions for a crash, especially with everyone's stop loss orders waiting at $9k-$9300.
How do you explain that so many people are selling at those prices? For me, it's because they are disappointed by Bakkt, they observe that institutional money is not coming.