Analysts: This round of Bitcoin pump is led by institutions, and retail investors are still taking a wait-and-see attitude.

BlockBeats News, on May 25, Coindesk analyst Aoyon Ashraf said that Bitcoin hit an all-time high this week, mainly dominated by institutions, and retail investors were almost "absent" from this round of rally. A quick search on Google Trends using "Bitcoin" as a keyword reveals that the search boom seen during the 2021 bull market is completely out of sight. While there was a brief wave of retail enthusiasm during the US presidential election, a quick meme coin frenzy briefly ignited market sentiment. But the heat has long since subsided. Although Bitcoin broke through $111,000 to a new all-time high this week, the price of the meme coin fell rapidly, and retail enthusiasm cooled with it. Despite the fact that Bitcoin has hit new all-time highs, traders remain cautious, as evidenced by lower funding rates and increased short positions. The current market sentiment shows a shift towards more sustainable trading behaviors, which could pave the way for long-term gains.