[Analyst: Binance Retail Bitcoin Inflows Hit Historic Low, Market Accelerating Institutionalization] CryptoQuant analyst Darkfost pointed out that the monthly average of retail Bitcoin inflows to Binance has dropped to 329 BTC per day, marking the lowest level in the platform's history. During the peak of the 2021 cycle, this average was 2,690 BTC per day, and in 2018, it was 3,700 BTC. The analyst believes the decline in retail participation may be due to three reasons: some retail investors are choosing to invest in assets other than Bitcoin, spot Bitcoin ETFs have attracted a large number of investors, or retail investors are shifting toward a long-term holding strategy. Although Binance's spot trading volume remains dominant, the potential selling pressure represented by retail inflows is far lower than in previous cycles. Each market peak has failed to trigger a significant rebound in retail activity, suggesting that this group may be gradually "disappearing" from the Bitcoin market. The market structure appears to be evolving toward institutionalization.