最新报道：As Bitcoin's price recovery shows clear signs of weakening, on-chain analysis suggests retail investors are gradually exiting the market. Market "tourists" are leaving in droves. According to analysis by "Marrtunn," an analyst at the on-chain data platform CryptoQuant, on-chain data shows a significant departure from the Bitcoin market for smaller investors. In a post published Thursday on X, the analyst noted a significant drop in retail participation. The metric in question, CryptoQuant's "Retail Investor Demand 30D Change," is an on-chain indicator that measures the percentage change in Bitcoin trading demand from small investors (those with a trading volume of $10,000 or less) over the past 30 days. This metric serves as a key barometer of individual trader sentiment and participation, often considered a proxy for broader market excitement or fear. The indicator operates on a simple premise: a positive green reading indicates increased participation from small investors, signaling new capital inflows and rising interest. Conversely, a negative red reading (as is currently the case) indicates a decrease in interest and trading activity. Broader market sentiment has turned neutral, which is typically associated with falling prices and a general cooling of the market. Analysts use this indicator to gauge the strength of retail sentiment, and a sustained negative trend is often seen as a bearish sign, potentially indicating further price declines or a prolonged market downturn. According to Julio Moreno, Head of Research at CryptoQuant, this trend isn't limited to the smallest investors. Moreno explained that the broader cooling of sentiment is observable across the entire market.