Many people expect there will be another bull run in the more or less near future. But who, whose money, what will be the fuel for next bull run? New investors? Smart money? Why? Do elaborate, I am very curious to know your thoughts.
In a really general sense, all we can say is "new investors" because increasing buying demand is what drives bull runs.
But it won't be any single catalyst or any single group of investors. It's a matter of supply and demand being fleshed out over months or years. Right now, last year's "new investors" are largely underwater, sitting on losses because they bought into the bubble last year. A lot of those investors are being shaken out of the market, selling to stronger hands who will be holding through the next bull market.
Institutional investors
might be significant in the next bull run, if things like Bakkt or an ETF are online and the demand is there, but it's too early to assume that institutions are particularly interested in Bitcoin.