Institutions are in a crypto bull market as retail sits out: Exodus CEO
Almost everyone has a hard time paying their bills every month, said crypto YouTuber Michaël van de Poppe, on why retail may be absent this cycle.
Financial institutions have “accelerated” their participation in crypto markets this year, while retail investors have pulled out, said Exodus CEO JP Richardson on Sunday.
“This might be the first cycle in crypto history where institutions are in a bull market, and retail doesn’t even know it,” the crypto executive said.
Richardson cited a few examples, such as the stablecoin market capitalization all-time high this year, Morgan Stanley’s Bitcoin (BTC) ETF launch, Schwab starting a waitlist for spot Bitcoin trading, Franklin Templeton announcing a crypto division and Fannie Mae accepting Bitcoin-backed mortgages.
