Analyst: Retail Investors Are Not the Main Drivers of This Bitcoin Rally

According to ChainCatcher, CryptoQuant analyst Burak Kesmeci stated that the driving force behind Bitcoin's rise is not retail investors. While retail investors are selling, institutional investors and large holders continue to accumulate.

Since 2023, retail investors have been consistently selling Bitcoin, and their current holdings have turned net negative. Starting from early 2024, institutions, large wallets, and ETFs have continued to buy, forming the main force behind the current rally. Meanwhile, search interest in "Bitcoin" remains subdued, indicating that retail sentiment has yet to surge, which suggests the market may still be in an early stage.