Odaily News CryptoQuant analyst Caueconomy said in a post that retail demand for on-chain Bitcoin transactions of no more than $100,000 has fallen by about 2.45% in the past 30 days, indicating that small investors have not yet reached a frenzy in the current market. Although these participants may use other investment tools such as ETFs and Bitcoin Finance, the on-chain funding structure usually responds sensitively to these capital flows, and there are still no market characteristics of structural frenzy.