Institutional money entered in 2016. I've said it before from all the obvious signs and evidence of what we know about big money and PE funds, etc. Bakkt was too late.
Only high risk hedge fund operations and traders were entering in 2016. That's probably still true today. I believe we're still waiting on traditional investment banks, credit unions, insurance companies, pension funds, endowments, asset managers, etc. You know,
most of the institutional investment world.
Despite their cheesy DBA name, Bakkt is a respected legacy exchange, and they are the first one to work with real BTC. That's a really big deal for the dinosaur investor classes mentioned above. Fidelity's impending foray into the custody/exchange markets is a big deal too. Baby steps.....