What's behind this really on bitcoin? Retail or Institutional money?

Since February when BTC broke 3.2k the total cryptocurrency market skyrocketed from 133 billions to 323 billions at the moment I write this post.

The image above is from CME as you can see they got a growth of more than 700% since opening. Reported in a desk update tweet from CME Group, the world's largest options and futures exchange, the Chicago exchange declared its bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K and 18.3K set on Apr 4 and Feb 19, respectively.

But CME contracts is not a good measure for tracking the whole institutional space. So let's take a look on Grayscale;

It's evidently that institutional money paved the way up on the downfall from BTC highs last year. So you may ask and the retail money where it is? Right;

I came across this survey this days and besides I can't assure it's correct but it match up with my line of thought, most Americans and people from the first world are clueless about bitcoin, but many people on emerging countries are more aware. I will write on the next posts why this is happening this post is just a quick look on where the money is coming.

But besides majority of USA population are clueless about bitcoin their market is where came most traffic.

This list shows;

Top 25 crypto exchanges worldwide.

Most volume comes from US, yet one can appreciate how global crypto is.

Interesting observations:

• Users are hooked to Bitmex
• There are exchanges with mainland China traffic
• Interesting Brazil-Russia symbiosis

Conclusion, most of money from the last months came from institutions, there is retail interest but mostly on emerging markets and majority of users are hooked on Binance, Coinbase and Bitmex.

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