I still think that only small investors participate in the discussions that we can see on the forums, on twitter and in the telegram groups. Indeed, most of them are speculators. But it is quite justified. After all, our whole life, the solution to all problems, in most cases rests on the money issue. Therefore, most people consider crypto currency as an opportunity to somehow improve the quality of their life. I believe that no one has the moral right to accuse them of this desire.
I think that some of the small investors and many medium and large investors simply accumulate some cryptocurrencies.
As for the impact on volatility, it is primarily provided by large investors, who, based on their plans, are pushing the price in the right for them direction. And small investors simply pick up the trend, since most of them are hostages of the situation, they just dream to improve quality of life their family ...