Are retail investors not buying BTC anymore? On-chain small Bitcoin transactions account for the lowest proportion in two and a half years.

On-chain statistics show that Bitcoin transactions below $10,000 account for only 0.6%, sparking discussions in the community about the movement of retail funds. (Background: How to earn the “last penny” of the bull run? Analysts: Buy the dip in September, gradually close all positions in Q4) (Background context: ChatGPT analyzes the crypto market pullback moment: Is it the “halftime” of the bull run?) According to a post on the Bitcoin discussion board on Reddit today (24th), on-chain data shows that Bitcoin transactions below $10,000 now account for only 0.6% of the total trading volume, hitting a low point since mid-2022, and far below the 2.7% observed at the onset of the 2023 bull run. In dollar terms, there is still over $400 million in daily liquidity, but the relative share has declined, and it is almost negligible in relation to the entire market, raising questions about whether “retail investors are absent” once again. The last time retail demand fell so dramatically was at the end of the 2021 bull market. So, what do you think - has this cycle peaked? Or are we just waiting for the next wave of retail investors’ fear of missing out (FOMO) to arrive? Community perspective: Have retail investors really “retreated”? In response to this, a netizen RoyYourWorkingBoy commented on the post: “Retail investors have not left; they are just holding stocks through ETFs or micro strategies (MSTR), no longer throwing $500 into cold wallets but buying IBIT stocks instead.” This perspective argues that the launch of crypto ETFs has caused retail buying power to “move away” from on-chain, leading to an underestimation of actual demand in on-chain statistics. On the other hand, fund chips only settle within the entrusted institutions, which cannot be broken down into individual microtransactions. Furthermore, when new users enter the crypto market, the current centralized exchanges also provide a smooth purchasing experience, so there are indeed not many users who will actually conduct transactions on-chain. In other words, the low share of 0.6% may be due to multiple factors combined, rather than simply indicating that retail investors are unwilling to buy Bitcoin anymore. Follow-up observation points From 2.7% to 0.6%, while the surface numbers may seem desolate, the discussions themselves remind investors that on-chain indicators are just one of many observation windows. Retail funds may not have disappeared; they have simply switched to more convenient or cost-effective vehicles. If investors want to discern the trend, they must incorporate more layers of analytical data to verify whether retail momentum has genuinely faded or just switched tracks? Related reports Is the bull market for China’s A-shares here? The Shanghai Composite Index hits a ten-year high, igniting an investment frenzy. ChatGPT deeply analyzes: Before the August altcoin bull market arrives, who are the next potential cryptos? Ethereum bull market price prediction breaks $4,000; are there meme coins worth looking forward to? “Are retail investors no longer buying BTC? On-chain micro Bitcoin transactions hit a two-and-a-half-year low” This article was first published in BlockTempo’s “Dynamic Block - The Most Influential Blockchain News Media.”