Reaching $65,000 for Bitcoin was impressive, but that dream only lasted four days. Today, the crypto star is fluctuating around $63,700. A moderate decline which raises questions about the participation of small investors in this market. However, it is not their great comeback which explains this rise. So where does retail trading really stand?
Bitcoin: A rally without small investors?
In the previous bull runs of 2017 and 2021small investors, sometimes under pressure, were everywhere. The proof? L'Coinbase app pranced at the top of the download charts. Currently, Coinbase is relegated to 438th place, far from the highs reached during previous market peaks.
The signal is clear: small investors are to absent subscribers.
THE transfer volumesfor their part, confirm this trend. THE transactions under $100,000often carried out by individuals, today represent only half of what they were during the last peak in 2024. The signals are therefore red: the frenzy of individuals seems far behind us.
- Retail transactions: halved since 2024 peak;
- Coinbase place: 438th in the rankings;
- STH (short-term holders): 2.5 million tokens held.
Crypto trader: Goodbye to the STH hype?
“Short-term holders” (STH) — those who buy Bitcoin within 155 days — traditionally play a major role during market peaks. When STHs own a lot of BTC, this is often a sign the end of a euphoria.
But, surprise, this time, it's quite the opposite. The amount of bitcoin held by these speculators is declining. This rally therefore looks like it will take place without them.
Transaction fees are also at their lowest, with only $500,000 generated per daywhich is far from periods of high activity.
“ Retail investors are quieter than ever », note certain analysts, which suggests a potential increase still to come, without the usual enthusiasm of individuals.
It is completely normal that many analysts argue that short-term traders, seeing the situation stagnating, abandoned the Bitcoin ship.
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