In my opinion retail investors are scared off by high price and volatility now. Bitcoin is becoming mostly rich men's asset and Glassnode data confirms that.
The trend that whale purchases are also driving retail investors is certainly cause for optimism, as it shows that Bitcoin is still in the nascent stage of its bull run . The big capital of new retail and mainstream investors have not yet entered the cryptocurrency market.
Another data from Glassnode seems to confirm the veracity of these observations : the number of Bitcoin addresses with more than 100 BTC, in fact, reached the highest level of the last seven months at 16,271.
Another data from Glassnode seems to confirm the veracity of these observations : the number of Bitcoin addresses with more than 100 BTC, in fact, reached the highest level of the last seven months at 16,271.