币界网报道：Bitcoin's price formation is increasingly influenced by institutional buyers, according to a recent research paper analyzing market dynamics. The study highlights how large-scale investors are now playing a more significant role in BTC price discovery compared to earlier years dominated by retail traders. Key findings show institutional activity accounts for over 40% of daily trading volume during peak periods, with their longer holding periods contributing to reduced volatility. The paper notes this shift coincides with growing adoption of Bitcoin as an institutional asset class, evidenced by rising ETF inflows and corporate treasury allocations. Researchers suggest this trend may lead to more stable price patterns, though warn that concentrated institutional positions could create new systemic risks during market stress.