I was told about this over 6 months ago. This was no surprise and was kind of expected. Most thought it would have bounced back now for the year end bull run.
We know that this wont happen as the markets are being manipulated. As soon as Bakkt announced they were delaying their launch of their exchange until the 24 th January most of us knew it wouldn't happen.
The entire market is on hold for them now. Institutional money is not the pocket change that us amateur investors are playing with but serious money. The crypto market cap is around 100 Billion Dollars currently and just one company investing could cover all that money. The markets are that small compared to normal stock exchanges.
So to answer your question this is manipulation by a few very large companies to make sure they buy in at the correct price. The market wont recover until they are ready. We are all waiting for the 24 th January now and expect the price to hold or drop slightly until that date.
I saw that coming when I heard that banks are incresingly involved in crypto. They do not want to risk to become obsolete one day....don’t they?