What happened?
Coinbase Institutional surveyed 124 institutions and found about 67% are bullish on Bitcoin heading into 2026. Some institutional respondents think the market is in a late-stage bull run while retail investors are less convinced. At the same time, big treasury buyers like BitMine and Strategy are accumulating even as long-term holders are cashing out and creating short-term sell pressure.
Who does this affect?
Institutional investors and digital-asset treasuries are the most directly affected because their large buys and sales are driving supply and demand. Retail investors feel the impact too, since institutional flows and on-chain sell-offs influence price action and liquidity that retail traders face. Altcoin holders and traders are also affected because capital may concentrate in Bitcoin while altcoins face weaker liquidity and higher volatility.
Why does this matter?
If institutions keep buying and macro tailwinds like Fed rate cuts or China stimulus arrive, more capital could flow into Bitcoin and push prices higher into late 2025 and 2026. But heavy profit-taking from long-term holders creates a supply overhang that can cap gains and make markets choppier in the short term. The net market impact is likely bigger swings in Bitcoin price, potential outperformance vs. altcoins, and continued sensitivity to macro news and large institutional moves.