Who purchases strips?

Who exactly are the individuals or entities that purchase strips in the world of finance and cryptocurrency? Are they primarily institutional investors seeking to diversify their portfolios, or are retail investors also active in this market? Do they purchase strips for hedging purposes, to speculate on interest rate movements, or for some other reason entirely? And what factors influence their decision to buy or sell strips, such as market conditions, economic indicators, or regulatory changes? Understanding the motivations and characteristics of strip buyers is crucial for anyone looking to navigate this complex and dynamic market.