Let me try to answer the artist's question. Judging from the 13F data, both Fidelity and BlackRock have a large number of funds. Of course, many funds may be different from what we understand as "institutions", including family offices, so it is difficult to directly measure them with "retail investors" and "funds."

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

So this conclusion is consistent with what we have been seeing, whether it is#BTCor #ETH, there has been no large-scale sell-off. Although there is not much buying, there is even less selling. So the key point is not whether retail investors buy or institutions buy, but when these people plan to sell.

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