According to BlockBeats, CryptoQuant analyst Axel Adler Jr has noted a significant shift in Bitcoin trading dynamics. The proportion of retail trades, specifically those in the $0–$1000 range, has decreased from 1.8% in 2021 to 0.48% currently, indicating a growing dominance of larger participants in the overall trading volume.
As of October 2025, the daily average activity of retail trades remains stable at $108 million, which is notably lower than the historical peak of $132 million to $150 million. This suggests a change in market structure and a decline in speculative activities among smaller participants.
The number of daily transactions within the $0–$1000 range is approximately 700,000, close to the historical average, but the average transaction size has decreased compared to previous cycles. This further highlights the more conservative behavior of retail traders.
The Bitcoin market is exhibiting clear signs of institutionalization. Over the past four years, the proportion of retail trades has significantly declined, indicating a shift in market control towards large institutions. The influence of small speculators on overall market trends is diminishing. The current stability of retail activity at $108 million daily represents a new benchmark in a mature, institutionalized market, where the speculative fervor of small investors is giving way to more robust accumulation strategies.