Bitcoin is stalling because big institutional money is staying away, which is bad news for crypto holders hoping for the next leg up.

• Big investors like pension funds and sovereign wealth funds won't touch crypto until there are clear rules.
• With no fresh money coming in, it's mostly the same traders passing Bitcoin back and forth.
• That means crypto isn't yet a real product these funds will put even a small slice of their money into.
• On fears of a government-run digital dollar, the point made is that the government already controls and tracks money through the IRS anyway.

Outlook: Bitcoin is likely to stay stuck until regulation opens the door for large institutions to buy in.