According to Golden Finance, analysts from IntoTheBlock point out that on-chain data and network search trends show that retail investors have low participation during Bitcoin's rise above $60,000. The analysts added that although the transaction volume on the Bitcoin blockchain has been increasing, it is still far below the levels seen during the market peak in 2021.

The analysts stated, "Despite the incredible price action in Bitcoin, current data indicates a calm retail performance. This suggests that institutional investors may be dominating this phase. ETFs are seen as potential accumulation tools."