According to Odaily Planet Daily, Matrixport's latest report pointed out that although Bitcoin has rebounded by more than 300% since the end of 2022, retail participation remains sluggish, the market is dominated by institutional investors, and volatility has dropped to 41%, below the 5-year average (60%). As retail participation decreases, Bitcoin is increasingly dominated by institutional investors, leading to lower volatility. When Bitcoin fell below $60,000, the liquidation of retail investors in South Korea further demonstrated this significant shift from retail to institutions. At the same time, ETFs continue to maintain steady inflows.

The report also shows that most of the decline in the past 30 days occurred during the Asian trading hours, accounting for -13% of the overall decline of -15%, mainly affected by Korean retail trading activities. Google Trends data shows that the trend of Bitcoin searches has dropped from 100% in 2017 to 41% in 2024, indicating that retail investors have limited interest but increased awareness. The trading volume of Korean exchanges is closely related to the annualized funding rate of Bitcoin. Korean retail investors play an important role in the altcoin market, bringing a large number of leverage opportunities.