The recent changes in the investor structure of the cryptocurrency market, with the altering ratio of institutional to retail investors, reshape the price fluctuation patterns. Institutional investors typically have longer - term investment horizons and more professional risk management strategies, which can reduce short - term price volatility. Their large - scale capital inflows or outflows can also drive more significant and sustained price trends. In contrast, retail investors' trading behavior is often more influenced by short - term news and sentiment, contributing to more rapid but less stable price changes. The combination of these two investor groups now creates a more complex price - fluctuation dynamic.