I started to think that it is just a myth that institutional investors cannot invest in bitcoin without CME, BAKKT. Its like - if something is not located/registered in US it does not exist for big players. Meanwhile, exchanges all around the world was listing ETPs. ETF based on crypto long before BAKKT. F.e. SIX Swiss Exchange - " based in Zurich, is Switzerland's principal stock exchange (the other being Berne eXchange)." is listing ETPs with crypto (even BNB). Institutional investors had an option to invest in crypto safely before BAKKT. They were just not interested (or not interested to do it officially) and volume on bakkt after launch proved that.