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There's more than one type of institution. I'm usually thinking of secretive hedge funds hiding out in Connecticut when I use that word in relation to crypto. Also, traders who know what they are doing usually work for themselves.
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According to Morgan Stanley hedge funds have invested 2 billion $ in total in 2017
into cryptocurrencies:
https://www.coindesk.com/morgan-stanley-hedge-funds-poured-2-billion-into-cryptos-in-2017/Let´s assume that these numbers are accurate for the sake of argument.
Do you really think that more than 2/3 of this amount have been wired to Tether?
Isn´t it more likely that most hedge funds wouldn´t touch an entity like Tether with
a ten-foot pole - let alone wire hundreds of millions of $ to them?
Yes, traders, who know what they are doing are likely working for themselves due to
various reasons. However, it is likely that the entities, who allegedly wire hundreds of millions
to Tether are not individuals due to the size of the alleged tranfers.