CryptoQuant: Bitcoin's rise is mostly led by institutions, with low participation from retail investors

According to a report by Golden Finance, CryptoQuant analysts stated that the current Bitcoin uptrend cycle is dominated by institutions and large investors, rather than individual investors. Since the beginning of 2023, retail investors have continued to reduce their holdings, while institutional investors have actively increased their holdings since the beginning of 2024. Google Trends data shows that the search volume for "Bitcoin" is relatively low, and there has been no retail FOMO phenomenon seen during the 2021 bull market. Analysts believe that the fact that retail investors have not yet entered the market on a large scale means that there is still room for upward movement, and when retail investors begin to flock in, it may mark the end of this cycle.