Analyst: Bitcoin Retail Demand Fades as 30-Day Change Turns Negative

The divergence matters more than the level: price strength without retail participation suggests this leg is being carried by larger or more patient holders, which changes how durable any move may be. It also cuts against the retail-inflow narrative that typically accompanies headline rallies, and may reflect retail exhaustion after prior cycles. Whether the 30-day change stabilizes or keeps deteriorating is the open question, along with whether other demand cohorts pick up the slack.