Exacly what is the Reason bull run have not started yet?
There is allready good things happening Bakkt, Binance, bitmex large volumes and so...
Still that all its not enough?
Indeed that is not enough. Volume can be faked as far as we know, Bakkt did not performed well on their launch and had a miniscule transaction to affect and create a rally for Bitcoin. It is too soon for BAKKT to be the catalyst for Bitcoin Bull run.
Honestly, sometimes I think that Bitcoin price movement is independent from events that happen in the Industry. We see good news, the price drops. In the previous years, we saw bad news about banning and yet Bitcoin rally and reached another ATH. Sometimes I think that there is a group of whales manipulating the price of Bitcoin. So if what my suspicion is true, then we need this group to decide that it is time for Bitcoin to reach its ATH.
You are absolutely right. If we take, for example, 2018, which can be called the year of recession and flat, a lot of positive news came out regarding the industry and technology itself, but this did not affect the price.
Bakkt is a wonderful tool that will be used to the maximum at the next rally. Institutionals are not so stupid, they will not immediately pour all the money into speculative currency, they are waiting for the right moment.