I don’t really think I need evidence here. You are also happy to believe something else. All I can offer is the following data points:

• When you go onto the telegrams and slacks of this world the fact you are dealing with novice investors is blatantly obvious to any experienced trader. I have also had several conversations as “direct messages” in those places that confirm this (outright).
• Regulation does not currently allow a lot of flows from institutions. I run a fund (equities) myself and I can tell you that from a custody of assets perspective alone I do not currently think it is doable in a way that satisfies regulators.

So using these two data points and the fact that literally almost every Uber driver in London can give you an ICO recommendation, I am pretty sure this is true. But it can be wrong.