[Bitwise: A Large-Scale Shift of BTC from Retail to Institutional Investors is Underway] According to a report by Jinse Finance, André Dragosch, Head of Research for Europe at Bitwise, stated on the 28th that Bitcoin is currently undergoing a large-scale distribution shift from early retail investors to institutional investors such as funds/ETPs, corporations, and governments. Unlike other traditional asset classes in history, Bitcoin adoption began with retail investors such as cypherpunks and early adopters, followed by family offices, fund managers, ETFs, and other institutional investors making their initial investments in Bitcoin. Even today, approximately 66% of BTC is still held by individual investors. This indicates that the vast majority of Bitcoin is still controlled by non-institutional investors, and in terms of institutional adoption, 'we are still in the early stages.' Nevertheless, a large-scale shift of BTC from retail to institutional investors is currently underway. At present, institutional investors (ETPs and treasury companies) hold approximately 12.5% of the BTC supply, and this figure is growing rapidly. This shift is not something that can be achieved overnight; it is a long-term trend. Ultimately, this 'great shift' implies that BTC prices will need to rise higher to incentivize the transfer of BTC from early retail investors to institutional investors.