WHO is still buying BITCOIN? 😱

Market Structure Shift - The Bitcoin market is experiencing a shift in allocator cohorts, moving away from predominantly short-term retail investors [1] - Previous cycles were dominated by retail investors seeking short-term gains [1][2] - The current cycle is characterized by the increasing influence of long-term investors through ETFs [2] Investor Profile - Current dominant allocators include retirees, pension funds, and endowments [2] - These cohorts generally have longer investment time horizons compared to typical retail investors [2][3] - The shift towards long-term investors suggests a potentially more stable market compared to past cycles [3]