Great article, thanks for linking it.

I'd guess the reason for the lack of retail investments to be due to the last times bull run, where most people only thought BTC could go up and where then burned when it dropped from $20,000 to $5,000 in a month.

Institutional investors are much smarter and will probably understand the risks behind buying cryptocurrencies and will be more prepared then the average joe.

Also, I don't think a lot of institutions invested in ICOs, most of them where regular people. Possibly with crowdfunding dying down, people are less interested in ICO's and cryptos.

I'd like to see some articles outlining why institutions are interested in BTC right now, it could be very interesting to read.