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The share of retail transfers $0–$10K in Bitcoin networks total USD turnover has been declining throughout the entire cycle: from a peak of 2.7% to the current 0.6%. At the same time, in absolute terms, activity remains significant at over $400M per day, but this represents only 0.6% of the total volume passing through the network.
Cooling retail demand was previously observed at the end of the bull cycle in autumn 2021, when the indicator fell to a historical minimum of 0.19%.
The decline in retail share in the past coincided with the final phases of bull cycles, which can be interpreted as an early warning signal for an overheated market.