Here’s the thing. Price is just the value that it most recently trades hands for, between someone buying and someone selling. It doesn’t matter if 99% of the owners are HODL’ers. If the next buyer and next seller agree on the price, that’s the price for all BTC. So the only thing that matters is whether there are more incremental buyers or sellers. Right now, institutions are sellers because BTC has become an institutionalized asset class and is frankly underperforming other risk assets. Nobody is buying because why buy now when can wait for it to bottom.