The Saylor era comes to an end, institutional funds take over, and Bitcoin's buyer structure is about to change.

Coin World news, Bitwise Chief Investment Officer Matt Hougan stated that Michael Saylor's strategy was once the primary buyer of Bitcoin, but "those days may be over," citing the recent volatility in MSTR and STRC. He expects that global banks, asset management companies, pension funds, and sovereign wealth funds will replace that strategy as the main source of demand in the next cycle. This warning comes in the context of the strategy authorizing potential Bitcoin sales of up to $1.25 billion to help fund its dollar reserves.