ETFs and high-net-worth retail accounts opened Bitcoin to institutions, but the influx was modest. Derivatives and the sheer size of the market make price manipulation harder, flattening volatility while also limiting upside.
View full episode →“Retail orders are internalised and rarely hit the exchange, giving brokers and market‑makers the profit”
“Meme‑stock rallies gave retail traders a louder voice, but institutional participants still dominate price formation”
“Institutions value retail participation because it generates fee revenue (PFOF) and keeps markets liquid”