Analyst: Bitcoin's current bull run is led by institutions, while retail investors remain cautious

BlockBeats News, May 25th, Coindesk analyst Aoyon Ashraf stated that Bitcoin hit a new all-time high this week, mainly driven by institutions, with retail investors almost "absent" from this rally. A quick search on Google Trends using "Bitcoin" as a keyword will show that the search frenzy seen during the 2021 bull market is now completely absent.

Although there was a brief wave of retail enthusiasm during the U.S. presidential election, a rapid meme coin frenzy briefly ignited market sentiment at that time. However, that wave of excitement has long since faded. Despite Bitcoin breaking through $111,000 this week to hit a new all-time high, meme coin prices quickly fell, and retail enthusiasm cooled off as well.

Despite Bitcoin hitting a new all-time high, traders are still cautious, as seen from the lower funding rates and increased short positions. The current market sentiment shows a trend towards more sustainable trading behavior, which may pave the way for long-term gains.