Bitcoin’s (CRYPTO: BTC) investor base is undergoing a steady transition as early retail holders distribute supply to institutions, wealth managers, and traditional finance clients.

The Surprising Decline Of Retail Investors

According to Bitwise’s Ishmael Asad, early retail investors played a critical role in turning Bitcoin from a niche cypherpunk idea into a global asset.

While individuals still control a large share of supply, their dominance has been declining as exchange-traded products and corporate buyers enter the market.

Asad noted it was always unrealistic to expect early Bitcoin whales to hold indefinitely.

After years of outsized gains, many are now taking profits and…

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