Retail BTC transfer volume dropped $15 million in two weeks as prices fell from $111K to $104K.
The 30-day demand rate changed from plus 5 points to minus 0.1 as short-term interest faded.
Retail investors paused activity while prices held near $104K suggesting strong hands kept the market stable.
Bitcoin dropped from an all-time high of $111,000 on May 22, losing 7 percent and trading near $104,000 by early June. According to CryptoQuant data, this fall coincided with a sharp decline in retail investor interest. Retail transfer volume between $0 and $10,000 fell from $423 million to $408 million in under two weeks.
Source: X
The drop is visualized in a chart released June 4, which tracks Bitcoin’s price alongside retail demand and transaction volume. Retail demand 30-day change also shifted from a positive 5 percent to negative 0.1 percent. These metrics signal weakening short-term participation from smaller investors.
The data illustrates the emotional reaction of retail investors to sudden price shifts, especially after major highs.
Retail Activity Contracts as Volatility Rises
Retail transaction activity has dropped significantly as prices moved away from the peak. The orange line on the chart reflects total transfer volume from wallets moving $0 to $10K worth of BTC. This group saw reduced participation shortly after the May 22 price peak.
This decline in retail activity is important because such investors often drive short-term price movements. Their reduced involvement means fewer rapid buy-ins and less volume-driven price momentum. The data suggests that many retail participants are taking a cautious approach after recent volatility.
In tandem, the red and green lines on the chart show the 30-day percentage change in demand. This metric flipped from strong positive levels to slight contraction. The reduction occurred in the same window that prices fell from $111,000 to below $105,000.
Such shifts point to how quickly smaller investors pull back when markets cool, creating short-term softness in momentum and sentiment.
Price Reaction Shows Institutional Lead in Current Market
While retail interest declines, Bitcoin’s price movement has remained relatively stable, suggesting that institutional interest may be absorbing pressure. Even as retail wallets retreated, the white price line remained near $104,000. This indicates resilience possibly supported by larger holders.
CryptoQuant's post noted that short-term holders, especially retail, tend to react more emotionally to price shifts. Meanwhile, institutional wallets usually remain unaffected by short-term corrections. The steady price suggests that major players may be holding their positions through the pullback.
Volume falling in the $0–$10K category without major breakdown in price further supports this institutional involvement narrative. Such behavior often appears in early stages of bull cycles where long-term buyers hold despite dips.
The chart also includes a shaded area showing how both volume and demand metrics fell in parallel. This overlap underscores the link between price correction and retail withdrawal. It highlights a broader cycle pattern often seen after new highs.
Will Retail Return if Bitcoin Stabilizes Above $100K?
As Bitcoin hovers around $104K, the central question now is whether retail demand will return if stability continues.
According to the CryptoQuant report, sustained bullish phases require both institutional support and rising retail demand. Without small investor volume, strong breakouts often lack depth and speed. The market now watches closely for any signs of renewed interest below $105K.
