CryptoQuant: Bitcoin Rally Driven Mainly by Institutions, with Limited Retail Participation

According to a report by Jinse Finance, CryptoQuant analysts state that the current Bitcoin bull cycle is being driven by institutions and large investors, rather than retail investors. Since the beginning of 2023, retail investors have been consistently reducing their holdings, while institutional investors have been actively accumulating since early 2024. Google Trends data shows that search interest in "Bitcoin" remains low, with no sign of the retail FOMO seen during the 2021 bull market. Analysts believe that the absence of large-scale retail participation suggests there is still room for the market to rise, and that a surge in retail entry could signal the current cycle is nearing its end.