Galaxy Research: IBIT Retail Buying at 2-Year High

The signal here is less about the level of retail interest than about where it is being expressed: through a regulated, exchange-traded wrapper rather than spot venues. That shift matters for market structure, since ETF flows are visible and sticky in ways that on-chain retail activity is not, and it gives a clearer read on sentiment. Whether this reflects durable allocator behavior or a momentum-driven spike is the open question worth tracking in the weeks ahead.