"Small Fish" Still Standing Outside the Game
The Spot activity chart currently shows that retail investors are trading very little, even from August 2024 until now.
In previous cycles, when Spot activity from retail surged, it was also when the market peaked. But currently, prices are still being controlled by whales and there are no signs of retail entering the market.
One of the main reasons that can be observed is the continuous sell-offs that have caused retail to drop out, while whales have been buying Bitcoin continuously for over a year.
This may be the first cycle where we do not see vibrant retail activity in the market, instead replaced by control from large investment funds.
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