Analysts: Bitcoin enters an era dominated by institutions, with retail investor trading share sharply reduced.

On November 1, CryptoQuant analyst Axel Adler Jr stated that the trading volume of Bitcoin retail investors (in the $0–1000 range) has decreased from 1.8% in 2021 to the current 0.48%, indicating that the dominance of large participants in the overall trading volume is increasing. As of October 2025, the daily average activity of retail trading remains stable at $108 million, but significantly lower than the historical peak of $132 million to $150 million, which may indicate a change in market structure and a decline in the speculative activities of smaller participants. The number of trades in the $0–1000 range is approximately 700,000 daily, close to historical averages, but the average trade size has decreased compared to previous cycles, further confirming the more conservative behavioral characteristics of retail investors. The Bitcoin market is showing clear signs of institutionalization: over the past four years, the share of retail trading has significantly declined, indicating that market control is shifting towards large institutions, and the influence of small speculators on the overall trend is weakening. Currently, retail activity stabilizes at a daily level of $108 million, representing a new benchmark in a mature, institutionalized market—where the speculative frenzy of small retail investors gives way to more robust accumulation strategies.