PANews reported on April 13th, citing Cointelegraph, that Exodus CEO JP Richardson stated that financial institutions are accelerating their involvement in the crypto market this year, while retail investors are exiting, potentially marking the first time in crypto history that institutions are in a bull market while retail investors remain unaware. He cited examples such as stablecoins reaching record market capitalizations, Morgan Stanley launching a Bitcoin ETF, and Franklin Templeton establishing a crypto division.

MN Fund founder Michaël van de Poppe believes that the cost of living crisis and inflationary pressures are making it difficult for retail investors to pay their bills, and this cycle will be an institutional cycle that lasts longer. CryptoQuant data shows that inflows into small accounts holding less than one Bitcoin on Binance hit a nine-year low, indicating a significant absence of retail investors from the market. CoinEx analysts stated that short-term market sentiment remains fragile and highly driven by macroeconomic factors, but they are more confident about the medium-term outlook.