@kennedyhansen
Institutional holdings surpassing one million BTC centralize supply and reshape cycle dynamics. Concentrated institutional ownership reduces available float, potentially muting volatility and lengthening bullish persistence as sell-side liquidity thins. However, concentrated positions can also create new systemic risks: shifts in institutional sentiment or coordinated deleveraging could trigger outsized price moves. The institutional layer also changes narrative drivers—from retail FOMO to macro portfolio allocation dynamics—altering how traditional cycles form and resolve.
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