That’s a great question which I ask myself. The reality is that the institutions are buying bitcoin with fiat, and someone is selling bitcoin and accepting that fiat. It is also obvious thast someone is buying Alt-coins as demonstrated in the chart below of bitcoin dominance. The inevitable conclusion is that investors are doing bitcoin==>USD==>Alts. See the chart below (BTC dominance).

The above chart of bitcoin’s dominance demonstrates that since the start of April the alt-coin part of the crypto market has been growing faster than bitcoin. The price of bitcoin is rising, but the prices of alt-coins are rising faster.

Below you can see a bubble chart of the top 100 cryptos. This shows the one-month performance of the top 100 cryptos. You can see bitcoin in the top left hand corner under “Chart #2”. It’s a very small circle because it is only up 6% over the last month. Alts are starting to rise strongly. Also take note of bitcoin cash (BCH) at the bottom-middle of the bubble chart. BCH, which I wrote about in my previous article, is starting to break-out from the recent range. BCH is up 110% in a month.