Attempting to answer the artist's question, from the 13F data, it can be seen that both Fidelity and BlackRock have a large number of funds. Of course, many of the funds may be different from what we understand as "institutions," including family offices, making it difficult to directly measure with "retail investors" and "funds."

Secondly, I have been looking at ETF data for a long time, and I used to be entangled in the relationship between "institutions" and retail investors. Later, I asked @0xCyborg's sister, who is currently working at Fidelity, and she told me that no matter what kind of "buyer," they are not traditional traders in our sense, but more like "believers." The reason why they are believers rather than traders is because many of these "investors" are recommended by financial advisors, and these investors themselves tend to be stable and inclined towards long-term investment.

So this conclusion is consistent with what we have always seen, that there has been no large-scale selling of #BTC or #ETH, although the buying is not much, the selling is even less. Therefore, the key point is not whether retail investors or institutions are buying, but when these people intend to sell.

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