Why do you think that Wallstreet big investors will speculate on calls? What if they speculate on short?
Well that is one thing with Bakkt, shareholder can either short or long, we do not know what they will do next but one thing is clear, Bakkt can paveway to more adoption of Bitcoin if they become successful. More people wanting to have a share on this Bakkt mean more demand for Bitcoin.
I think the launch of bakkt want affect bitcoin price so much on launching date... maybe few hundred dollars. The most people expect big moves, thats why i think there will be much action.
I think Bakkt had already piled their stash of BTC, so I believe it won't affect the BTC price by its own except the hype spread through and more demand from outside Bakkt investors pile in, then it can bring the price of BTC up. It can be a possible catalyst for Bitcoin continous price surge.
About altcoin, I do not think BAkkt will affect is price since Bakkt is purely on Bitcoin not on cryptocurrency as a whole.