Analyst: Bitcoin enters an era dominated by institutions, with retail trading share sharply declining

CryptoQuant analyst Axel Adler Jr. stated that the volume of retail Bitcoin transactions (in the $0–$1,000 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 suggest a change in market structure and a decline in speculative activities among smaller participants.

The daily number of transactions in the $0–$1,000 range is approximately 700,000, close to the historical average, but the average transaction size has decreased compared to previous cycles, further confirming the more conservative behavior characteristics of retail investors.

The Bitcoin market is showing clear signs of institutionalization: over the past four years, the proportion of retail trading has significantly decreased, indicating that market control is shifting towards large institutions, and the influence of small speculators on the overall trend is weakening. Currently, retail activity is stable at a daily level of $108 million, representing a new benchmark in a mature, institutionalized market—where the speculative frenzy of small investors gives way to more robust accumulation strategies.