Just think about it, who's going to bother with Bakkt or anything related to crypto in a bear market?
Bakkt (if they manage to get an approval, which I don't believe they will in their current coin backed form) will generate some attention and volume when they launch, but that's purely market makers doing their thing.
I seriously doubt Bakkt will be an important price booster with how high people's expectations are. Building up a clientele and generating actual (non market maker) volume will take years, and who knows where we are by that time.
Nasdaq is planning to do the same, but they haven't been as loud in the media. Competition will be fierce because it's only a matter of time before we see more players offer the same financial instruments.
Being first mover will hold some weight, but who is going to be that first mover?