According to @PANewsCN, retail investors holding under 0.1 BTC have sharply reduced activity this cycle, with the 90-day moving average of retail BTC inflows to Binance dropping from 552 BTC in early 2023 to 92 BTC now, a more than fivefold decline (source: CryptoQuant analyst Darkfost). The downtrend accelerated after the January 2024 launch of spot Bitcoin ETFs (source: CryptoQuant analyst Darkfost). The analysis attributes the drop in exchange inflows to users rotating into ETFs, more investors choosing to hold rather than sell, and some “shrimp” wallets surpassing 0.1 BTC through accumulation (source: CryptoQuant analyst Darkfost). For traders, this signals a notable shift in market leadership and behavior between exchanges and ETFs, with smaller-wallet sell flow into Binance diminishing versus prior periods (source: CryptoQuant analyst Darkfost).