According to online reports, Wintermute released its latest report saying that in the bull market in the first half of 2025, there were significant differences in the investment strategies of retail investors and institutional investors, and there was a significant divergence in trading interests. Most of the two had been synchronized for many years. Reports show that institutional investors continue to double their bets on major cryptocurrencies such as Bitcoin and Ethereum, while retail investors favor Memecoin and other altcoins. Institutions seek stable exposure, while retail investors chase newer, riskier opportunities. The gap between institutions and retail investors in the allocation of major cryptocurrencies has reached a record of 30 percentage points. Institutions 'mainstream cryptocurrency investment allocation remained at 67%, mainly through ETF inflows and other new accumulation tools, while retail investors' investment allocation in mainstream cryptocurrencies fell by 9% to 37%.