If I understand correctly, those would be the addresses where people accumulate bitcoin in several or many transactions instead of using different ones for privacy reasons? Is that right?
That's true.
It is clear that institutional investors do not care about privacy, or at least they attach much less importance to it than individuals. They could also be addresses used to consolidate transactions, I understand.
Institutions don't focus more about their privacy in this regards, because that they appear in this manner is part of the reason why we could identify them as institutional investors, though we can't still establish a cognitive fact about if others exist in the opposite direction we ha e thought about them in terms of privacy, but I guess we are only focusing on the overall percentage of those being concerned less about privacy with their address.