Bitcoin price surged past the $110,000 barrier to hit a new all-time high (ATH) of $111,861.22. While investors celebrate this significant growth, profit realization has been subdued, with only around $1 billion in realized profits recorded as holders sold above their cost price. This contrasts sharply with previous record highs, where profit-taking was much higher at over $2 billion when BTC reached the $100,000 mark. This indicates a growing confidence among long-term holders, who are choosing to hold on and anticipate further gains in the ongoing bullish market trend. While newer investors have been more active in selling their holdings, leading to a significant rise in trading volume, seasoned holders appear content with staying invested, fueling speculation about the potential for sustained price growth. This suggests that institutional players are currently driving the current surge in Bitcoin’s value. Interestingly, retail investor participation has remained low despite this historic high point. According to crypto author Jason A. Williams, interest levels remain modest and Google search volume for BTC is at its all-time low. He observed a lack of curiosity among retail investors compared to previous market events. This indicates that institutions are currently driving the recent price increase and might continue to do so as the market gains momentum, potentially leading to further gains in the short term. However, this low retail involvement could also trigger FOMO (fear of missing out) if they finally join the trading frenzy. As the market awaits a greater influx of retail investors, it remains to be seen whether Bitcoin can reach the $120,000 level soon. 7 While volume has spiked by 32.86% to $85.64 billion in recent hours, institutional interest continues to propel Bitcoin towards new heights. Whether the market will see sustained growth will ultimately depend on how the price performs as retail investors finally enter the fray.