[Since 2023, Retail Investors' Daily BTC Inflows to Binance Plummeted from 552 to 92, Worsened After Spot ETF Launch] According to CryptoQuant analyst Darkfost, the activity of retail investors holding less than 0.1 BTC has significantly declined during this cycle. Data shows that since the beginning of 2023, the 90-day moving average of daily BTC inflows from retail investors to Binance has dropped sharply from 552 BTC to the current 92 BTC, a decline of more than fivefold. This trend has further intensified, especially after the launch of spot ETFs in January 2024. The analysis points out that the reasons for the decrease in retail inflows include some users shifting to the ETF market, more investors opting to hold Bitcoin long-term rather than sell, and some "small fish" exiting this statistical category due to continued Bitcoin accumulation. This phenomenon indicates that the dominant forces and behavioral patterns in the market are undergoing significant changes.