Ok so next week we will finally see how Bakkt can really affect the price of bitcoin (positive or negative). Here the contract is physically delivered, customers are given the actually bitcoin when the contract expires as opposed to cash settlements being offered by CME and CBoE.
Negatively I don't see how it would be possible, but honestly, I think nothing will happen.
Just look at the current situation, the news was announced and the market is all in red, not showing any signs of reacting positively.
I think that people have grown tired of all those "big things" coming, and probably the ltc having was the best example of how you shouldn't bet on some events just because they've happened in the past. In a way is like antibiotics, the more you take over years the less and less effect they will have. So are that news, I got tired a long time about constantly hearing about Bakkt like the second coming of Jesus.
The fact that customers are given bitcoin, and not fiat is a very good strategy. It increases the number of individuals who would own bitcoins as at when the contract expires,and this would improve adoption status and the price would no doubt go up.
Not entirely true, you have bitcoins, but they still have control over them, just like a bank account.
They get hacked or "hacked", you have nothing.