PANews reported on November 3rd that, according to CryptoQuant analyst Darkfost, retail investor activity with less than 0.1 BTC has significantly decreased in this cycle. Data shows that since the beginning of 2023, the 90-day moving average of daily retail inflows into Binance has plummeted from 552 BTC to the current 92 BTC, a drop of more than five times. This trend has been further exacerbated after the launch of spot ETFs in January 2024.

Analysis indicates that the decrease in retail investor inflows is due to several factors, including some users shifting to the ETF market, more investors choosing to hold Bitcoin long-term rather than sell, and some small investors exiting the statistical category due to continuous Bitcoin accumulation. This phenomenon suggests a significant shift in market dominance and behavioral patterns.