It's funny how people on social media are so easy to shift from being anti institutions, to now being bullish where people almost celebrate the mad volumes the CME is generating, lol. It's not even that long ago where largely the same people were blaming the CME for crashing the price, and now suddenly it's all different, yeah right.
I didn't believe the futures would play a role at all when it comes to price disovery, but it seems that the CME has actually some weight. In dollar equivalent, the CME from time to time generates more volume than Coinbase Pro, Bitstamp and Kraken combined. The parties trading here aren't your average retail investors, but actual institutions betting on the price.
This is actually the perfect time for Bakkt to launch with how the market looks much better than some months ago. Healthier market = more demand, and these futures are actually coin backed, and not entirely cash settles just like the ones over at CME.