CryptoQuant analysts said that the current bitcoin rally cycle is dominated by institutional and large investors, rather than retail investors. Retail investors have continued to reduce their holdings since the beginning of 2023, while institutional investors have been actively increasing their holdings since the beginning of 2024. Google Trends data shows that "bitcoin" searches are low, and there is no retail FOMO phenomenon during the 2021 bull market.
Analysts believe that the fact that retail investors have not yet entered the market on a large scale means that the market still has room to rise, and when retail investors start to enter, it may mark the end of this cycle.
CryptoQuant: Bitcoin's rise is mostly institutional-led, with low retail participation
2025-07-24 06:40:40
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