Bitwise: A large-scale transfer of BTC from retail investors to institutional investors is currently happening.

[Bitwise: A large-scale transfer of BTC from retail investors to institutional investors is currently underway] André Dragosch, Head of European Research at Bitwise, stated on the 28th that Bitcoin is being distributed from early retail investors to institutional investors such as funds/ETPs, corporations, and governments. Unlike other traditional asset classes in history, the adoption of Bitcoin was initially led by retail investors such as cypherpunks and early adopters, followed by family offices, fund managers, and ETF investors starting to make their first investments in Bitcoin. Even today, individual investors still own about 66% of the BTC supply. This means that the vast majority of Bitcoin is still controlled by non-institutional investors, and we are “still in the early stages” when it comes to institutional adoption. Nevertheless, a large-scale transfer of BTC from retail investors to institutional investors is currently occurring. Institutional investors (ETPs and treasury companies) currently hold about 12.5% of the BTC supply, and this number is rapidly increasing. This transfer is not something that can happen overnight; it is a long-term trend. This “great transfer” ultimately implies that BTC prices need to rise higher to incentivize the transfer of BTC from early retail investors to institutional investors.