CNBC: Although retail investor money withdrew from Bitcoin ETFs in April, large institutions and national investment funds continued to quietly buy directly, viewing Bitcoin as a part of a long-term strategy to protect assets in a volatile financial environment.

According to a representative from Coinbase Institutional, large institutions are buying Bitcoin for three main reasons:

1- The trend of de-dollarization due to concerns about the weakening of the USD as global trade slows down (if the USD weakens, they won't exchange BTC for USD)

2- Bitcoin is increasingly breaking away from its role tied to tech stocks and is being viewed as an independent asset

3- The demand to use Bitcoin as a hedge against inflation, thanks to gold-like properties such as scarcity, portability, and decentralization.

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https://x.com/i/status/1915122140124483756