Bitcoin retail demand for on-chain transactions under $100,000 has decreased by approximately 2.45% in the last 30 days, according to CryptoQuant analyst Caueconomy. This decline suggests that small investors have not yet entered a market frenzy. Despite the availability of alternative investment tools like ETFs and Bitcoin Finance, the on-chain funding structure remains sensitive to capital flows, showing no signs of a structural frenzy in the market.