The disappearance of major investors and the fatigue of retail traders are amplifying the weakness of the BTC market.

The study of the dynamics of the Bitcoin futures market (BTC) shows a further strengthening of the weakness that has settled in after a price drop of about 30% — from $112 000 to $81 000 over the past 2 months. The indicators mentioned earlier confirm that the market structure is increasingly shifting towards small retail trades, while large investors have still not returned. The average order size for futures, calculated through the ratio of total trading volume to the number of trades, continues to remain at reduced levels, reflecting minimal participation from large portfolios and a lack of strong momentum for a reversal.

The Futures Volume Bubble Map activity chart records the market's transition from a cooling phase to a neutral state with even lower activity than 2 months ago. This underscores the further weakening of interest in futures and limits the likelihood of a sustainable recovery.

Even among retail traders, who have effectively pushed out whales in recent months, there is a decline in engagement. The Futures Retail Activity Through Trading Frequency indicator shows that the number of active participants has moved into the "low" category. This creates a double problem: the lack of large sellers and buyers is not compensated by the actions of retail traders, whose activity has also noticeably dropped.

The data set demonstrates a weak structure of the Bitcoin market: large investors remain outside of trading, retail flow is losing momentum, and overall activity volume continues to decline. Under such conditions, the potential for recovery appears limited. According to researchers, without a return of institutional demand or a clear increase in retail participation, the short-term outlook remains under pressure, and the market is at further risk of decline.