Recent data reveals a notable increase in on-chain transactions up to US$10,000, indicating heightened activity among small investors. This metric, sensitive to market sentiment and news, offers insights into capital flow within the blockchain network.

Over the past 30 days, retail demand surged by approximately 13%, a level of activity last observed in March near the previous historical high. This uptick contrasts with the past four months, where small investor activity declined while larger investors, or "whales," continued high transaction volumes and coin absorption.

The recent rise in Bitcoin prices appears to be drawing small investors back into the market, suggesting a shift towards lower risk aversion.