Recently, Bitcoin (BTC) achieved a new all-time high (ATH) of $111,980 on Binance crypto exchange, surpassing its previous ATH of $108,786 recorded in January 2025. However, this rally is missing a crucial element that has historically fuelled sustained bull markets – retail investor participation. Bitcoin Rally Low On Retail Interest According to a recent CryptoQuant Quicktake post by contributor burakkesmeci, retail activity during the current BTC rally is notably subdued. This is unusual, as fresh ATHs typically draw significant attention from smaller investors. Related Reading: Bitcoin Near ATH, But Long-Term Holders Aren’t Selling – More Upside Ahead? The analyst shared the following chart highlighting this trend. It shows that BTC transfer volume in the $0 to $10,000 range – a proxy for retail demand – has only seen a slight uptick, even as prices surge. While Bitcoin’s price has been climbing steadily (white line), the 30-day percentage change in retail demand (green line) has remained largely flat. This indicates that the current momentum is likely driven by institutional investors, with retail participants yet to join in meaningfully. Recent developments support this view. For instance, institutional heavyweight Strategy continues to increase its BTC holdings, now closing in on the 600,000 BTC mark. Historical patterns – particularly from the 2020–2021 bull run – suggest that while institutional accumulation often kicks off a rally, retail investors are typically the fuel that propels it to sustained highs. Without significant retail volume, the current rally may lose steam. Concluding, the CryptoQuant analyst stated that for BTC to continue its price expansion, a clear uptick in retail participation is necessary. They added: We’re seeing early signs of movement, but it’s not yet a breakout. If retail volume kicks in over the next few weeks, new ATHs may just be the beginning. Predicting BTC’s Next Move Recent flows from crypto exchanges show that BTC reserves are dwindling at a fast pace. For instance, US-based exchange Coinbase recently saw a new outflow of 7,883 BTC, raising speculations of institutions loading up on the apex digital asset before its next leg up. Related Reading: Bitcoin Shows Elevated Unrealized Profits Without Signs Of Panic Selling – New ATH Soon? Similarly, technicals point toward BTC hitting another ATH soon. The top cryptocurrency by market cap recently broke out of a double bottom pattern on the hourly chart, fuelling hopes of a surge toward the $112,000 mark. Meanwhile, whale behavior has been mixed. While short-term whales have taken profits, long-term holders remain steadfast, showing minimal signs of selling. That said, BTC’s medium-term outlook remains overwhelmingly positive, with some researchers predicting a $200,000 price target by the end of 2025. At press time, BTC trades at $108,802, down 0.6% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com