The 2017 Bitcoin (BTC) bull run was led by retail traders, long-term crypto believers and Bitcoin whales. However, the tide turned in 2020 as institutional investors became the catalyst for the latest crypto bull run.
However, data compiled by JPMorgan Chase (NYSE:JPM) shows that retail traders have made a strong comeback in the first quarter of this year. JPMorgan analysts used data from Square and Paypal to determine that retail investors bought 187,426 BTC for Q1 2021, which is more than the institutional purchase of 172,684 BTC during the same period.