[Analysis: Retail participation in the crypto market has remained low over the past year, and narrowing basis has slowed Bitcoin ETF inflows] Matrixport's analysis indicates that retail participation in the crypto market has consistently been low over the past year. Using trading volume in the South Korean market as an indicator, retail buying demand remains weak. Insufficient retail demand has left the market lacking incremental buying support, making it difficult for perpetual contract funding rates to rise and keeping them at low levels for an extended period. Low funding rates have further compressed the profit margins of basis trading (cash-and-carry arbitrage), thereby limiting incremental inflows into Bitcoin ETFs, which have only been able to maintain relatively moderate levels overall. This also confirms the institution's judgment made in March 2024: without retail-driven momentum to push the spot-futures price spread, institutional capital allocation is unlikely to accelerate significantly, thereby prolonging the current consolidation phase.