Data: Transaction volume of small bitcoin holders drops to a historic low

According to ChainCatcher, on-chain data shows that the amount of bitcoin transferred by small holders (<1 BTC) to a certain exchange has dropped to a historical low. After the FTX panic in December 2022, this group still transferred about 2,675 bitcoins, but now the number has dropped to 411, a decrease of more than 84%.

Historically, small holders have usually been more active during bull markets, but in this cycle, despite the rise in bitcoin, their activity on exchanges has continued to decline. Analysis suggests that the launch of spot bitcoin ETFs at the beginning of 2024 is a key factor. Since the listing of ETFs, the amount transferred by this group to a certain exchange has dropped by more than 60%.

This may reflect a more mature attitude among retail investors, who tend to allocate long-term through ETFs rather than chasing short-term volatility.