According to online reports, Matrixport shared its market analysis today that although Bitcoin is close to a record high, cryptocurrency trading volume is still sluggish. This may indicate that retail traders have not yet actively participated in the current rally, a trend that can be seen in crypto trading volumes in South Korea, which has traditionally been dominated by retail investors. The price increase may be driven more by institutional investors and corporate buyers, while retail investors are still on the sidelines. Historically, retail investors have often entered large-scale markets late in the market cycle, forming the last wave of gains before the market hits local highs, as in February and November 2022. This pattern may be repeated, and retail traders may not really enter the market until the next high.