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CryptoQuant analyst Darkfost pointed out that the monthly average of retail Bitcoin inflows into Binance has dropped to 329 BTC per day, the lowest level in the platform's history. The peak of the 2021 cycle was 2690 BTC per day, and in 2018 it was 3700 BTC per day. Analysts believe that the decline in retail participation is due to retail investors investing in assets other than Bitcoin, spot Bitcoin ETFs attracting investors, or retail investors turning to long-term holding strategies. Although Binance spot trading volume still dominates, the potential selling pressure represented by retail inflows is far less than in previous cycles, and the market structure is evolving towards institutionalization.