"Bitcoin has dropped more than 50%, yet there is no sign of a panic sell-off? The acceleration of institutionalization is rewriting the logic of the cryptocurrency bear market."

According to the Zhitong Finance APP, despite Bitcoin still being in a prolonged bear market and its price significantly down from historical highs, a profound change is taking place within the cryptocurrency market. A recent report from crypto market maker Wintermute indicates that institutional investors such as hedge funds and asset management companies are quietly replacing retail investors, becoming the primary providers of liquidity in the crypto market, thereby driving the market structure gradually toward institutionalization.