Analysts: Institutions drive crypto market as retail investors exit

The cryptocurrency market this year has seen an increase in institutional participation alongside an exodus of retail investors, Cointelegraph reported. JP Richardson, CEO of crypto wallet provider Exodus (EXOD), suggested this could be the first cycle in history where institutions are in a bull market while retail investors are not even aware of it. On-chain analyst Darkfost supported this view, noting that Binance inflows from wallets holding less than one BTC hit a nine-year low earlier this month. He stated this indicates that retail investors have almost completely exited the market. Crypto analyst Michaël van de Poppe added that high inflation appears to have made it difficult for individuals to cover their monthly living expenses, concluding that this cycle will likely continue to be led by institutions.