CryptoQuant analyst Caueconomy stated that in the past 30 days, the demand from retail investors for on-chain Bitcoin transactions not exceeding $100,000 has decreased by about 2.45%, indicating that small investors have not yet reached a state of frenzy in the current market. Although these participants may use other investment tools such as ETFs and Bitcoin financial companies, the on-chain capital structure typically responds sensitively to these capital flows, and there are currently no market characteristics of structural frenzy.