According to @KookCapitalLLC, broad retail inflows are unlikely to return, using the fact that only 15% of people globally own stocks as an analogy to suggest crypto retail adoption may be saturated, source: @KookCapitalLLC. The author argues the next leg of crypto performance depends on institutional exit liquidity, concentrating opportunity in assets with strong institutional appeal, source: @KookCapitalLLC. For positioning, the author points to xpl as an example of where institutional flows could accumulate, indicating traders should prioritize institutionally favored venues for better liquidity and execution, source: @KookCapitalLLC.