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The Fellas Debate the Financialization of JPEGs | Bell Curve

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The Retail and Institutional Sides of the Market

I would say it's probably more retail than institutional. A lot of the institutions were tax loss harvesting at the end of last year. There has been price appreciation in January and that was probably a lot of institutions rebying. So maybe this is flat. Maybe it's even up, I don't know. But I do think that institutional relative to consumer isn't going to grow as much.

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