As the price of #BTC continues to fluctuate above $100,000, on-chain data from CoinAnk shows that the activity of small addresses holding less than 0.01 BTC has decreased by 16% from its peak. Over the past two months, the number of wallets holding at least 1 BTC has decreased by 5,000, indicating that funds are concentrating towards professional investors. Google search volume has also recently dropped to a six-month low, shrinking by 38% compared to the same period in 2024, creating a significant 'price-attention divergence'. This unusual phenomenon reflects a deep transformation in market structure: institutional investors are leading the flow of funds through compliant tools such as ETFs (BlackRock IBIT holds over 250,000 BTC), while the participation enthusiasm of traditional retail investors has significantly cooled due to heightened risk awareness (leverage usage has decreased by 42%) and historical cycle experiences (losses from entering at the top in 2024). Low retail interest may delay the formation of a market top, but at the same time, it also exacerbates liquidity layering risks—Bitcoin's market cap share has risen to 62%, and small- to mid-cap tokens may face more severe selling pressure. Historical patterns show that retail investors typically concentrate their entry a week after prices break through previous highs (for example, search volume surged by 380% in November 2024). If the current cycle follows this pattern, Bitcoin breaking through $109,000 could trigger a short-term FOMO market. However, the structure of the derivatives market has undergone a qualitative change: institutional-led quarterly contract holdings have surged threefold, causing the volatility center to drop from 82% to 56%, and the market is transitioning from 'emotion-driven' to 'fundamentally priced'. While this shift reduces the risk of a short-term crash, it may weaken the high elasticity premium of crypto assets, forcing investors to reassess the risk-reward ratio.