In recent years, the investor structure in the cryptocurrency market has changed significantly. There has been a growing influx of institutional investors, such as hedge funds and asset management companies. Their entry has brought more stability to the market as they usually have a long - term investment perspective. Retail investors still play a role but are relatively more affected by short - term market sentiment. The change in investor structure has made the market less volatile in some ways, as institutional investors' large - scale, long - term investments can offset short - term fluctuations caused by retail investors.