Since 2023, the daily inflow of BTC from retail investors into Binance has plummeted from 552 to 92, a trend exacerbated by the launch of spot ETFs.

According to CryptoQuant analyst Darkfost, retail investors holding less than 0.1 BTC have seen a significant drop in activity during this cycle. Data shows that since the beginning of 2023, the 90-day moving average of daily retail inflows into Binance has plummeted from 552 BTC to the current 92 BTC, a decrease of more than five times. This trend was further exacerbated after the launch of spot ETFs in January 2024. The analysis points to several reasons for the reduced retail inflows, including some users shifting to the ETF market, more investors choosing to hold Bitcoin long-term rather than sell, and some small investors leaving the statistical category due to continuous Bitcoin accumulation. This phenomenon indicates a significant shift in market dominance and behavioral patterns.