31% of total #Bitcoin is held by governments, ETFs and MicroStrategy, up 14% from last year; The pattern of governments, ETFs, publicly traded companies, and large investors has taken shape- 1⃣ Institutional investors are typically long-term holders and do not trade frequently. This “hoarding behavior” reduces the amount of liquid supply in the market, which may support the long-term price of Bitcoin. 2⃣This trend of institutionalization suggests that Bitcoin is shifting from a “retail-domina...

31% of total #Bitcoin is held by governments, ETFs and MicroStrategy, up 14% from last year; The pattern of governments, ETFs, publicly traded companies, and large investors has taken shape- 1⃣ Institutional investors are typically long-term holders and do not trade frequently. This “hoarding behavior” reduces the amount of liquid supply in the market, which may support the long-term price of Bitcoin. 2⃣This trend of institutionalization suggests that Bitcoin is shifting from a “retail-domina...