I can't tell you when anyone will start accumulating BTC, it is up to them to decide when is the right time for them, just like retain investors too, we all decided that we needed to have a BTC portfolio and we went for it, nobody pushed us into it.

Even before institutional investors started getting interested, BTC was doing great, so what is there to be disappointed that a couple of them said no to BTC now, take note that a lot of countries and institutions have said no to BTC in the past, but they changed their minds later on, and that could still happen here. The people who run these companies have their reasons for saying no to BTC, many retail investors may disagree, but maybe if we ran such a company, we'd understand their reasons.