Analyst: Bitcoin has entered the era of institutional dominance, and the proportion of retail transactions has dropped sharply

On November 1st, CryptoQuant analyst Axel Adler Jr posted that the volume share of bitcoin's retail trading ($0-1000 range) has declined from 1.8% in 2021 to 0.48% currently, indicating that the dominance of large players in overall trading volume is increasing. As of October 2025, the daily average active level of retail trading is stable at $108 million, but significantly lower than the historical peak of $132 million to $150 million, which may mean a change in market structure and a decline in speculative activity by small players. The number of transactions in the daily $0-1000 range is about 700,000, close to the historical average, but the average transaction size has decreased compared to previous cycles, further confirming the more conservative behavior characteristics of retail investors. The bitcoin market is taking on a distinctly institutional character: the share of retail trading has fallen sharply over the past four years, indicating a shift in market control to large institutions and a diminishing influence of small speculators on the overall trend. The current retail active level is stable at $108 million a day, representing a new benchmark in a mature, institutional market where the speculative mania of small retail investors gives way to more robust accumulation strategies.