Bitcoin retail numbers have dropped significantly after the recent price retracement this cycle. On-chain factors show the market is still in a bull phase; however, major indices differ from previous cycles. Ki Young Ju, CryptoQuant’s CEO, wrote on X (formerly Twitter) that retail investors are not at the Fear of Missing Out stage. He said the analysis was drawn from trading counts on all centralized exchanges and other markets. Reduced sentiments from smaller players are present amid a general bullish price for several reasons. A look at the charts shows a significant drop in retail holders compared to the previous crypto bull run. Traders Set Sights on Quick Profits The rapid growth of BTC prices above $99k changed the dynamics for various levels of traders. While several whales increased buying pressure, smaller investors looked to rake in profits. The recent pullback in prices heightened sales and movements to centralized exchanges. At the time of writing, the BTC price had nosedived to $96,310, a 0.4% drop today amid low sentiments. According to CryptoQuant, short-term Bitcoin holders are transferring assets at a loss to centralized exchanges, triggering panic among traders. These transactions are mostly retail traders, as most institutions continue to set price levels. Institutional appetite surged the market to present levels after the approval of spot Bitcoin ETFs. This group of holders targets a run above $100K, although some have taken profits. Profit-taking sends prices lower, with traders repositioning their assets for the next bull swing. Profit Taking On Binance Hits New Level The largest exchange by trading volumes has seen users offload assets to avoid losses. As Bitcoin takes a step back, the wider market is affected, with altcoins posting large outflows. Ethereum, Solana, and BNB dipped 3%, 2.2% and 1% respectively. Crypto traders have also liquidated holdings over fears of exits in institutional holdings. “ Tracking the realized profits of the Binance cohort provides valuable insights into the broader market sentiment and behavior, especially considering Binance consistently handles higher volumes than any other exchange. This metric helps us understand whether investors are taking profits aggressively (Above 10M) or steadily, which can be crucial to confirm the strength of the ongoing trend,” CryptoQuant wrote.