As the BTC price stays well above the $110,000 threshold, Matrixport reveals what makes this BTC bull rally different than the others that came before it.
In a recent post, Matrixport analysts have noted the evident absence of retail investors in the latest Bitcoin (BTC) rally. Unlike previous bull markets, in which the rally was mostly fueled by retail participation, this time around the firm concludes that the retail investor’s portion in driving the rally is no longer expanding as largely as it used to.
“This rally is unfolding largely without retail participation. Instead of the usual buzz and euphoria, there’s noticeable absence of retail momentum,” wrote Matrixport analysts in their latest executive summary published on May 23.
Instead, the main drivers of the current Bitcoin rally are institutional investors that have recognized the value in storing funds into BTC as a hedge against inflation. Matrixport believes it is crucial to understand the impact of corporate players on the BTC price as the shift in demand from retail to institutional investors continues to accelerate.
“We’re witnessing a steady and quiet transfer of Bitcoin from early adopters and investors, miners and exchanges to a new class of investors, primarily corporations, with Michael Saylor’s Strategy leading the charge,” wrote Matrixport.
According to data from Bitcoin Treasuries, there are a total of 204 institutions that hold Bitcoin as of May 23, 2025, with more than 50% of entities being public companies. In the past month, there have been 11 new companies adopting BTC into their treasuries.
Most recently, Strategy announced plans to issue to $2.1 billion in Series A Perpetual Preferred Stock. The funds generated from the sale will be used for general corporate purposes, which may include acquiring more Bitcoin. As the largest corporate holder of BTC, Strategy holds more than 214,000 BTC or equal to over $23.6 billion.
Additionally, by recognizing that the recent rally is not being driven by traditional retail engagement, Matrixport analysts believe that many traders are missing out on the current BTC price boom. A lot of retail traders have a tendency to make “costly mistakes” during momentary dips in the cycle.
These mistakes could be avoided by anticipating the corrections in the cycle, which are usually signaled by indicators and signals floating around online or in analyses.
Another detail noted by Matrixport is that the BTC price rally is being boosted by spot market accumulation instead of speculative derivatives activity. This could signify long-term positioning for the crypto market, rather than just short-term trading hype.
At press time, Bitcoin has stayed relatively stable above the $110,000 mark. BTC price is currently at $110,923 after rising slightly by 0.42%, according to data from crypto.news. Its market cap stands at $2.19 trillion with a daily trading volume of more than $39 billion.
