Stripping out all institutional inflows doesn't change much—retail participants still represent over 70% of total demand right now. Sounds bullish, except here's the catch: we're operating in a demand desert by historical standards. The real bottleneck isn't buyers; it's the supply side, which has contracted meaningfully. Part of the reason? Existing institutional positions are locking up available assets. At its core, this market dynamic stems from the current rate environment.