Bitcoin’s incredible growth — and the altcoins that followed — was mostly driven by retail investors. Half of them were Bitcoin enthusiasts, while the other half were just in it to make money. Both groups mostly just held their investments, cashing out occasionally.

Then speculators entered the crypto market, boosting the growth of crypto derivatives. Once the trading volume of crypto derivatives overtook spot trading, institutional investors started coming in seriously.

It’s easy to see why big players got interested. By then, Bitcoin and altcoins had gained major media and social media attention, built a large fan base, and attracted even more people thanks to FOMO. Speculators provided the liquidity and hedging tools that made it all possible.

But institutions don’t like high volatility. That means crypto enthusiasts should forget about Bitcoin doubling in price after every halving. Crypto is gradually turning into a more ordinary asset, much like stocks or forex.