From the end of 2024 to November 2025, Hedge Funds and Institutional investors have been consistent net sellers, while Private Clients (retail investors) have been consistently buying. This means that professional funds have significantly reduced their risk exposure over the past 12 months, while retail investors have been actively increasing their positions during pullbacks. For institutions, the concern lies in the impact of the Federal Reserve's monetary policy on liquidity, selling at the highs, while retail investors have been buying at the lows. Almost every time institutions dump, it's retail investors stepping in to catch the falling knife. However, based on the current trend, retail buying is showing signs of losing momentum, with the overall curve starting to flatten. Similarly, institutions and hedge funds are showing signs of change—institutions appear to be gradually bottom-fishing, and hedge funds seem to be building positions at the bottom. Bitget VIP, lower fees, bigger perks.