According to BlockBeats, CryptoQuant analyst Caueconomy reported a decrease of approximately 2.45% in retail demand for Bitcoin transactions under $100,000 over the past 30 days. This suggests that small investors have not reached a state of market frenzy. While these investors might be utilizing ETFs and Bitcoin financial companies, the on-chain capital structure typically responds sharply to such fund flows. Currently, there are no signs of structural market frenzy.

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