🚨 **Even with BTC near all-time highs, retail demand remains low**

Over the past 30 days, on-chain transactions up to $10K have dropped by -16.7%, indicating that retail activity remains subdued despite the current high volatility.

Typically, periods of high price volatility are accompanied by increased on-chain demand, but that’s not what we’re observing right now.

For now, retail activity patterns remain low after peaking in December and declining during the subsequent consolidation phase.

This suggests that despite new all-time highs, the on-chain structure is not "overextended," which supports the potential for further upward trends.

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Discussion

Small retail jump on HTP shitcoins to get ‘rich’ . Most people think they’ve missed Bitcoin and don’t think about savings, just immediacy. Long term savings to most is a dream.

When in reality it is the wisest choice.

Definitely not the euphoria phase yet.

I don’t think we will see spot retail buying at the peak of the bull as in previous cycles.

That’s my impression too. Most will get stuck on the $ amount of 1BTC. Not the BTC % gain vs the USD % loss. High time preference folks will sit out. Low time preference folks may show up. The way they would is if they get convinced by the $1M/BTC narrative. The rest are corps, banks, states, nations, pensions, etc. all they know is rate of return and don’t care about unit price and only look at volume and their pro forma. We’ll see how that sector plays out. My biggest curiosity is where the cycle peters out, and how many of the big players are going to just wait for the market cycle bottom in 26/27, and what that does to that cycle low and if the same type of cycle even exists or if it performs bullish enough through it to psych everyone out and get them fomo’ing at the mouth. So many opinions. So many possibilities.

Yep. The ETF’s help the unit bias, but I just think a lot of spot retail not using ETF’s will opt for shitcoins. 🥲