INSIGHT: Retail participation in Bitcoin has collapsed to a 9-year low. On-chain data shows inflows of less than 1 $BTC to @binance are the lowest since the exchange launched in 2017. So where did the small investors go? • Spot Bitcoin ETFs are absorbing demand • More users prefer third-party custody on exchanges • Capital has rotated to equities & commodities This shift suggests ownership is becoming more centralized, posing new risks for the market.

Bitcoin (BTC) Participation Hits Record Low: Where Did Retail Go?
Small Bitcoin investors are disappearing, as retail inflows on Binance drop to their lowest levels since the platform launched.
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