There is no substantial data to back up any postulate that cab be made about this issue but the fact remains that the empty mempool which indicate a reduction in on-chain transaction signifies that most of the Bitcoin transactions are not done by retail but through ETF. Maybe that could signify that retains are on the sideline, probably holden on to what they already have and others buying through DCA. A lot of retails have also sold when Bitcoin reached $100k

There is no substantial data to back up any postulate that cab be made about this issue but the fact remains that the empty mempool which indicate a reduction in on-chain transaction signifies that most of the Bitcoin transactions are not done by retail but through ETF. Maybe that could signify that retains are on the sideline, probably holden on to what they already have and others buying through DCA.