Bitcoin has steadied itself a little above $105K after retracing from its recently established all-time high. However, retail euphoria has yet to materialize in the current crypto market.

In fact, on-chain data now shows a 2.45% decline in demand from smaller investors over the past 30 days.

Retail Caution Persists

According to an update shared by CryptoQuant, transactions under $10,000, a common sign for retail activity, indicate that sentiment remains cautious rather than exuberant. While some retail participants may be gaining exposure through ETFs or Bitcoin Treasury Companies, on-chain activity typically reflects broader market sentiment.

The lack of euphoric behavior suggests the market remains structurally subdued, which leaves room for potential bullish momentum, provided buying pressure builds in a sustainable manner. It is still important to note that broader macroeconomic and regulatory factors could influence short-term sentiment and risk appetite, potentially deterring large capital inflows.

Until retail enthusiasm returns in force, the market may struggle to gain the conviction needed for a significant breakout.

The institutional pullback further added to the cautious tone already visible in retail behavior. Over the past three consecutive trading sessions, Santiment found that Bitcoin exchange-traded funds (ETFs) have experienced a combined net outflow of $1.21 billion. This is the first time since the second week of March that such large-scale withdrawals have been recorded.

The outflows suggest investors are reducing exposure to Bitcoin through institutional vehicles, potentially in response to macroeconomic uncertainty. While Bitcoins spot price has not shown sharp declines, the ETF movement could be an early indicator of waning confidence.

Meanwhile, long-time Bitcoin whales appear to be doing the same.

Whales Cashing Out

Large Bitcoin holders with more than 10,000 BTC have been steadily taking profits following the cryptocurrencys recent ATH, according to analyst Willy Woo. In a recent update, Woo pointed out that these mega whales have been net sellers since 2017, even as institutional and sovereign buyers are now entering the market with billion-dollar allocations. He also noted that most of these holdings were acquired at prices between $0 and $700, and have been held for 8 to 16 years.

The analyst Willy Woo believes that while buying Bitcoin at six-figure prices may not make sense for those focused on short-term gains, it remains a strong long-term play.

If youre gonna die tomorrow probably not. If youve got another 10 years to live or more, its probably one of the best investments youll see in your investment career.