Bitcoin Rally Lacks Retail Mania – Why This Could Mean More Room To Run

After a week of downward price action, Bitcoin (BTC) staged a strong recovery over the weekend, reclaiming much of its recent decline. It is now trading just shy of its all-time high (ATH) of $111,814, recorded in May 2025.

Bitcoin May Have More Room To Run

According to a recent CryptoQuant Quicktake post by contributor Avocado_onchain, Bitcoin’s current upward momentum – hovering just below its ATH – may still have room to run, potentially leading to a new record “at any moment.”

The analyst noted that the current rally stands apart from previous ones due to its emergence in a “much quieter market environment.” This observation is supported by the ongoing lack of retail investor participation.

For instance, Google Trends data shows that search interest in Bitcoin remains significantly low – around a score of 21 – compared to a peak of 66 in November 2024. For reference, it stood at 100 during the bull market of May 2021.

Similarly, a key on-chain metric called the 30-day Binary Coin Days Destroyed (CDD) has been declining even as BTC’s price rises. This suggests that long-term holders (LTHs) are choosing to hold their Bitcoin rather than sell.

For the uninitiated, Bitcoin Binary CDD measures the sum of coin days – coins held multiplied by days held – spent in a transaction, indicating when LTH move their coins. High CDD suggests significant activity from older coins, often signaling potential market shifts as long-term investors sell.

Conversely, declining Binary CDD suggests fewer old coins are being spent, implying reduced selling pressure from LTH. This behavior often reflects rising confidence or accumulation, potentially indicating bullish sentiment as circulating supply tightens.

Another metric underscoring the subdued retail presence is the Premium Index across exchanges. While the Coinbase Premium is nearing levels last seen in April 2024, the Korea Premium Index remains relatively low – pointing to a lack of retail-driven enthusiasm in the current rally.

Additionally, the Market Value to Realized Value (MVRV) ratio has been gradually increasing, but without the sharp spikes usually seen during overheated market conditions.

BTC May Face Some Hurdles

Despite the absence of market euphoria, some indicators suggest that Bitcoin could encounter headwinds in the weeks ahead. For example, the Bitcoin RCV indicator has recently exited the “buy” zone, raising caution flags.

There are also signs that selling pressure may increase. Notably, miner-to-exchange transfers have recently surged to historic highs, indicating that BTC miners may be opting to liquidate rather than hold their reserves. At press time, BTC trades at $108,614, up 0.9% in the past 24 hours.