Institutions Drive Crypto Bull Market as Cost Pressures Sideline Retail, Exodus CEO Says

Previous cryptocurrency bull markets were largely propelled by retail investors chasing prices and broader market sentiment. Institutions retreated alongside retail traders during the downturns of 2018 and 2022. Exodus CEO JP Richardson says the structure of the current cycle has changed: as inflation and living costs squeeze disposable income, well-capitalized financial institutions have instead become the main buyers, with implications for market liquidity and the trajectory of the cycle.

A report dated April 13, 2026, said Morgan Stanley had launched a Bitcoin ETF, Schwab had opened a waitlist for spot Bitcoin trading, Franklin Templeton had established a crypto division, and Fannie Mae was accepting Bitcoin as collateral for loans. CryptoQuant said that same month that inflows to Binance accounts holding less than 1 BTC had fallen to a nine-year low. The total amount invested by institutions was not disclosed.