Morgan Stanley on BTC and equities,
- Retail investors are no longer the dominant crypto trader.
- The increased involvement of institutions, which are sensitive to the availability of capital and therefore interest rates, has contributed in part to the high correlation between bitcoin and equities.
- The correlation between bitcoin and equity indices has remained high and will continue to do so unless bitcoin becomes widely used as a medium of payment - which looks unlikely to happen soon.
![btc volume retail 11 May 2022](https://images.forexlive.com/images/btc%20volume%20retail%2011%20May%202022_id_603f90b9-7d6f-4ee3-8b0f-605890e7b80e_original.jpg)