PANews reported on May 19th that CryptoQuant analyst Darkfost stated in an article on the X platform that the average monthly amount of Bitcoin deposited to Binance by retail investors (those holding less than 1 Bitcoin) has fallen to an all-time low of 314 BTC. During this cycle, the average was approximately 1800 BTC during the bear market and around 1200 BTC during the initial peak in March 2024. In comparison, peak retail inflows reached 5400 BTC in 2018 and 2600 BTC in 2021. Darkfost pointed out that retail participation has continued to decline, with some investors possibly leaving the market or moving to spot Bitcoin ETFs. Retail inflows to Binance in January 2024 were still around 1000 BTC, a decrease of more than three times in two years. This marks a transformation in the Bitcoin market, with investor structure and behavior evolving.