Where did the retail army go?

Historically, Bitcoin's significant surge is often accompanied by a noticeable green bar in this indicator. But now? The indicator is deep in negative territory, yet the price is still hovering along the upper end of consolidation.

This discrepancy is worth pondering. In the past, when retail investors eagerly entered the market, on-chain data would reflect this enthusiasm in real time—green bars soaring, prices taking off. Now, it's the opposite; the data is cold and indifferent, yet the price stubbornly holds up. What does this mean? Either retail investors are still on the sidelines, or they have already exited at the high levels.

Without retail's follow-through, the sustainability of this rally is questionable. The future trend depends on whether retail investors will fill this gap.