Institutional investors tend to invest in speculative assets through the over-the-counter (OTC) market. In the case of Bitcoin, due to its lack of liquidity, institutional investors have to rely on trusted custodians like Coinbase Custody and Fidelity Digital Assets to purchase or sell large sums of BTC.
As Chervinsky said, there are clues investors can consider to assume that institutional investors are investing in the asset class. Grayscale Investment reporting high inflows and university endowments like Yale taking positions could signify a growing demand for Bitcoin from the traditional financial sector.
OTC market operators and custodial solution providers are not obliged to share their trading volumes and as a result, data held by OTC exchanges is rarely released to the public. Because of the lack of information offered by OTC exchanges, it is difficult to back up claims that institutions are accumulating BTC to a large extent. Please Read More Here