Bitcoin's new high was driven by whom? Institutional interest is beginning to show, but retail investors are still the main force.

Adrian Fritz, research director of the digital asset investment company 21Shares, stated: "Institutional holdings of cryptocurrencies are still in the early stages." He added that retail investors currently dominate the cryptocurrency market. Fritz estimated that less than 5% of Bitcoin spot ETF assets are held by long-term investors such as pension funds, while hedge funds and wealth management companies hold 10%-15%. However, he pointed out that wealth management institutions typically purchase these funds on behalf of high net worth retail clients, with retail investors still being the main holders of ETFs.