Analysis finds retail investors largely absent from current BTC cycle

An analysis suggests the structure of the Bitcoin market is undergoing a fundamental change, marked by a sharp decline in exchange inflows from retail investors holding less than 0.1 BTC. According to CryptoQuant contributor Darkfost, the 90-day moving average of daily retail inflows to Binance has plummeted from 552 BTC in early 2023 to just 92 BTC at present, roughly one-fifth of its former level. Darkfost explained that since the introduction of spot Bitcoin ETFs, many investors have shifted to these products instead of trading directly. The contributor added that remaining retail investors are also choosing to hold their assets rather than sell, leading to a market increasingly reshaped around large-scale investors and corporations.