Bitcoin Rally Needs Small Investor Activity to Sustain Growth in 2025

Bitcoin recently achieved an all-time high in the second quarter of 2025. Despite this, individual investors' activity remains subdued. Data shows that traders engaging with Bitcoin in the $0–$10K range have only seen modest growth. While the price trend (white line) continues upward, the 30-day change in demand from small investors (green line) remains nearly flat, indicating that the ongoing rally is likely driven by large or institutional investors. Typically, major bull runs are initiated by momentum from institutional players, but sustained acceleration often depends on increased activity from small investors, as historically seen in 2020–2021. For sustained price gains, a notable uptick in retail investor interest is essential. Although preliminary signs of movement are visible, significant growth in small investor trading volume has yet to materialize. If retail trading activity increases in the coming weeks, a breakout beyond current highs with further upward momentum could be expected.