Capital Market: The Game Between Institutions 'Locking Up' and Retail Investors 'FOMO'
The core driving force of this bull market has shifted from retail investors to institutions:
Institutional Hoarding: Companies like MicroStrategy continue to increase their holdings, sovereign funds are starting to allocate, with approximately 3.4% of Bitcoin's circulating supply being long-term locked.
Retail Behavior: Glassnode data shows that the non-liquid supply has reached a historical peak, with retail selling being absorbed by institutions, forming a 'scissor difference'.
Leverage Changes: The open interest in Ethereum contracts has plummeted, while Bitcoin holdings have steadily increased, indicating that funds are flowing back from high-risk altcoins to Bitcoin, making the market structure healthier.
