Since 2023, the daily inflow of BTC from retail investors to a certain exchange has sharply decreased from 552 to 92, a trend that intensified after the launch of spot ETFs.

According to ChainCatcher, CryptoQuant analyst Darkfost has analyzed that the activity of retail investors holding less than 0.1 BTC has dropped significantly in this cycle.

Data shows that since the beginning of 2023, the 90-day moving average of daily retail inflows to a certain exchange has plummeted from 552 BTC to the current 92 BTC, a decline of more than five times. This trend has intensified especially after the launch of spot ETF in January 2024. The analysis points out that the reasons for the decrease in retail inflows include some users shifting to the ETF market, more investors choosing to hold bitcoin long-term instead of selling, and some "shrimp" exiting this statistical category due to continuous accumulation of bitcoin. This phenomenon indicates that the dominant forces and behavioral patterns in the market are undergoing significant changes.