Since the beginning of 2023, the daily inflow of BTC from retail investors to Binance has sharply dropped from 552 to 92. According to CryptoQuant analyst Darkfost, retail investors holding less than 0.1 BTC have seen a significant decline in activity during this cycle. Data shows that since early 2023, the 90-day moving average of daily BTC inflows from retail investors to Binance has plummeted from 552 BTC to the current 92 BTC—a drop of over fivefold. This trend has 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 choosing to hold Bitcoin long-term rather than sell, and some "small fish" exiting this statistical category due to continuous Bitcoin accumulation. This phenomenon indicates that the market's dominant forces and behavioral patterns are undergoing significant changes.