The real crazy market of Bitcoin may not have started yet! Because individual investors have not even returned on a large scale yet! The latest data from CryptoQuant reveals a very noteworthy market phenomenon. Bitcoin has clearly rebounded from its low point, but the participation of retail investors in the futures market still seems relatively limited! From this chart of "Average Order Size of Bitcoin Futures", it can be seen that: Red: Small retail orders dominate Green: Large whale orders dominate Light Green: Small Whale Orders Dominate ⚪ Gray: General order size In the past few times when the market entered a highly speculative phase, red retail signals appeared in large numbers. But now, the price of Bitcoin has returned to around $80000, and the recent order volume is still dominated by whale and general transaction volumes. This means that the market may not have entered the frenzy stage of retail investors chasing prices comprehensively! And this is exactly what I think is worth paying attention to. Looking back at the past cryptocurrency bull market, the craziest stages were often accompanied by: Retail trading heat rapidly increases Community discussions and search volume surge Leverage and speculative demand continue to expand A large influx of new funds into the market When the market shifts from being dominated by institutions and large funds to being fully participated by individual investors, the volatility of the market often amplifies further. But one thing must be clarified: This chart measures the 'average order size of futures', not the total trading volume of retail investors, and cannot directly prove that retail investors have not entered the market at all. We cannot assert that Bitcoin will definitely skyrocket in the future just because there are few signals from individual investors. What I really want to observe is: What would happen if BTC continues to break through significant pressure, while retail trading activity, spot demand, and market liquidity begin to rebound simultaneously? That may be an important signal for the market to enter the next stage. On the other hand, if the price cannot break through and the demand for funds does not improve, the absence of retail investors may not necessarily be a bullish trend. What is truly worth looking forward to is not whether individual investors have not yet entered the market, but whether there will be new demand in the future willing to continue driving prices. Is it the calm before the storm or a warning that market heat has not yet recovered? I will continue to observe, rather than rushing to announce the answer for the market. Do you think the true retail frenzy stage of Bitcoin is still ahead? Responsible for analyzing with position.