Analysts from CryptoQuant reported a decline in on-chain activity among retail crypto market participants. The indicator, which tracks transactions up to $10,000, has fallen by 2.45% over the past month. This indicates a lack of mass FOMO among retail investors, a component that usually amplifies bullish momentum.
The experts emphasized that the current market sentiment does not show signs of euphoria, which previously served as the basis for significant upward movements. In their opinion, even with sustainable demand, potential growth could be limited by external factors, from macroeconomic instability to political decisions that could negatively affect investor confidence.
An alternative point of view was expressed by Vugar Usi Zadeh, COO of Bitget. He believes that retail traders have abandoned short-term speculation in favor of a more conscious use of Bitcoin. This change, according to him, is due to the effects of the recent bear market and the general instability caused by the actions of US President Donald Trump.
Zadeh added that the recent correction in the stock market has reduced the amount of funds available to investors. This, in turn, has contributed to the transition to more rational capital management. He also noted the growth of decentralized exchanges (DEX), which already occupy about 10% of the derivatives market in the crypto industry.
According to the top manager, the era of sharp rises and crashes is becoming a thing of the past. Instead, the market is moving towards a more mature phase, where stability and sustainability prevail, and traditional cycles are replaced by new scenarios.
Earlier, CryptoQuant expressed the view that a possible correction in Bitcoin could lead the price to $96,700. And BTC Markets analyst Rachel Lucas noted that if the rate of the first cryptocurrency stays in the range of $103,000–105,000, this will create conditions for an upward movement up to $115,000.
In turn, Coinbase believes that the upcoming $5 billion compensation to creditors of the bankrupt FTX can positively affect the dynamics of digital assets.