According to the latest analysis by CryptoQuant analyst Caueconomy, retail investor demand for Bitcoin has declined by about 2.45% in the past 30 days. This indicates that small investors have not yet reached a frenzy in the current market, and the market is far from a full speculative craze. Although retail investors may participate in the market through other investment vehicles such as ETFs and Bitcoin financial companies, there are currently no structural frenzy market characteristics from an on-chain funding structure perspective.

In addition, the overall market sentiment is also relatively cautious. Network activity and investor sentiment show a declining trend, for example, the number of active Bitcoin wallets and the number of transactions have both decreased. At the same time, the inflow of funds into spot ETFs has also slowed down, indicating investors' hesitation. These factors suggest that, despite the recent fluctuations in Bitcoin prices, the market has not yet entered a frenzy stage.