This is an interesting Goldman Sachs report that points out the distribution of various investors in the $93 trillion US stock market. Family: 38% (largest shareholder) Passive mutual funds: 6% ETF (Exchange Traded Fund): 9% Active mutual funds: 11% • Pension and government pension: 10% Foreign investors: 18% Hedge funds: 2% • Enterprise shareholding: 4% • Other: 2% There are several interesting changes among them, which may also be what the cryptocurrency market is experiencing: one ️⃣ Long term decline in household investors (de retail) In 1945, the proportion of households exceeded 90% • 2024: Only 38% remaining Institutionalization "marks the beginning of the transition of all financial markets from primitive to regulated, where household investors no longer dominate the market and the influence of institutions and funds has significantly increased. two ️⃣ Growth in shareholding of foreign investors The proportion of foreign investment has increased from less than 5% in the 1980s to nearly 18% by 2024 Globalization of capital and trade is an inevitable outcome of any economic prosperity and development. three ️⃣ The proportion of active funds has decreased In the past few decades, it has been dominant, but now only 11% remains Proactive management is becoming increasingly difficult to outperform indices, and investors prefer passive products with low fees, such as various types of ETFs. However, against the backdrop of unstable policies and serious dishonesty in Sichuan, foreign and household investors are also becoming the main factors affecting market instability and high volatility. 🧐