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Retail Is Out – So Who’s Fueling Bitcoin’s Next Mania Phase?

Retail investors remain mostly on the sidelines in the current Bitcoin market, showing limited trading activity and reduced participation. Investor behavior this cycle could look very different from previous ones.

As such, the next big push in the crypto market might not come from where most expect.

Not Retail, Here’s Whose Stepping In Instead

In a recent tweet, Julio Moreno, head of research at CryptoQuant, stated that the next wave of crypto mania may not be driven by retail investors but by small or emerging companies and funds attempting to replicate Michael Saylor’s Bitcoin accumulation strategy.

Moreno questioned whether these entities are psychologically prepared to hold through extreme volatility, while noting the challenge of maintaining conviction during a potential 90% drawdown in their stock or fund value.

Several non-crypto firms have jumped on the bandwagon and are increasingly adopting Bitcoin as a strategic reserve asset, in a bid to emulate Strategy’s high-profile returns. Among them, Japan’s Metaplanet has emerged as a key player with its Bitcoin-first strategy and currently holds 7,800 BTC, according to 数据 compiled by Bitcoin Treasuries.

Meanwhile, Hong Kong-listed Boyaa Interactive has so far accumulated 2,410 BTC, while US-based medical diagnostics company Semler Scientific has added 3,808 BTC to its balance sheet following Strategy’s playbook.

Long-Term Holder Conviction Remains Strong

As 加密土豆 previously 报告, retail participation in Bitcoin appears notably absent despite recent price gains. On-chain data shows exchange netflows remain negative, suggesting BTC is steadily leaving trading platforms. The Taker Buy/Sell Ratio has fallen below 1.0, which is further indicative of continued aggressive selling, likely from retail investors reducing exposure.

On the other hand, long-term holders (LTHs) are showing strong conviction, with spending activity now at its lowest since September 2024. According to CryptoQuant analyst Axel Adler Jr., this cohort of BTC holders has accumulated 300,000 BTC over the past 20 days – an encouraging sign of confidence and a potentially bullish indicator for the crypto asset’s price trajectory.

职位 Retail Is Out – So Who’s Fueling Bitcoin’s Next Mania Phase? 首次出现在 加密土豆.


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