币界网报道：Institutional investors drove Bitcoin's price rally in May, according to a new report from crypto exchange Bybit. The platform noted that institutional inflows into Bitcoin spot ETFs were the primary catalyst, with net inflows reaching $2.1 billion during the month. Bybit's analysis revealed that while retail investors remained cautious, institutions showed strong conviction, particularly after Bitcoin dipped below $60,000. The report also highlighted that institutional holdings of Bitcoin reached an all-time high of 1.03 million BTC in May, representing 17% of the total circulating supply. Meanwhile, retail investors reduced their exposure, with holdings dropping to 1.18 million BTC from 1.22 million BTC in April. Bybit suggested this divergence indicates institutions are accumulating Bitcoin at current levels, viewing it as a strategic asset, while retail traders appear more reactive to short-term price movements. The exchange also observed increased institutional interest in Ethereum, though Bitcoin remains the preferred choice for large investors.