Analysts: The current pump of Bitcoin is led by institutions, while retail investors remain on the sidelines.

Odaily News Coindesk analyst Aoyon Ashraf stated that Bitcoin reached a historic high this week, primarily driven by institutions, while retail investors were almost "absent" from this round of pump. A quick search using the keyword "Bitcoin" on Google Trends reveals that the search frenzy seen during the 2021 bull run is completely absent now. Although there was a brief wave of retail enthusiasm during the U.S. presidential election, when a rapid surge of Meme coins ignited market sentiment temporarily, that heat has long since faded. Despite Bitcoin breaking through $111,000 to set a new all-time high this week, the prices of Meme coins have rapidly fallen, cooling retail enthusiasm. Even though Bitcoin has reached an all-time high, traders remain cautious, as evidenced by the lower funding rates and increased short positions. Current market sentiment shows a trend towards more sustainable trading behavior, which may pave the way for long-term gains. (CoinDesk)