Recently, Bitcoin has been dropping, but institutional investors aren't that panicked. Looking at CoinShares' data, it actually seems like they are responding calmly. Maybe because sovereign funds and large institutions are entering the market, there’s an atmosphere of not being fazed by short-term price movements.

A few years ago, news of a crash would have caused a big fuss, but now, perhaps because the layer of institutional investors has grown thicker or the market has matured overall. If more long-term investors like sovereign funds increase, these downturns might just be seen as buying opportunities.

The Bitcoin market has also changed, I feel. Unlike the era when individual investors dominated, now institutional money is firmly supporting the market, creating a structure that doesn’t collapse so easily.