In the last 30 days, retail demand, measured by on-chain movements up to $10K, has fallen by approximately 2.45%, indicating that smaller investors have not yet reached a euphoric dynamic in the current market.
Although these participants may be using other exposure vehicles such as ETFs and Bitcoin Treasury Companies, the on-chain structure usually responds to these flows in a joint manner.
For now, we still do not have a structurally euphoric market, which supports the possibility of new upward impulses, if we have sustainable buying pressure.
However, this will depend on several factors external to bitcoin, which may impact short-term sentiment and drive away large investors as well.
Written by caueconomy
