Financial institutions have “accelerated” their participation in crypto markets this year, while retail investors have pulled out, said Exodus CEO JP Richardson on Sunday.

“This might be the first cycle in crypto history where institutions are in a bull market, and retail doesn’t even know it,” the crypto executive said.

Richardson cited a few examples, such as the stablecoin market capitalization all-time high this year, Morgan Stanley’s Bitcoin ($BTC) ETF launch, Schwab starting a waitlist for spot Bitcoin trading, Franklin Templeton announcing a crypto division and Fannie Mae accepting Bitcoin-backed mortgages.

“In 2018 and 2022, institutions pulled out with retail. This time, they accelerated,” he said.

This shift…