Maybe the question doesn't deserve its own topic, but I don't know where else to ask.

Anyhow, does anybody know what's the best way to check what's the retail investors' participation in the Bitcoin (or crypto in general) market?
I've seen crypto commentators and crypto news outlets commenting on retail participation being much lower than before but I don't have a clue how to check it at source.

Do major exchanges publish their detailed trading data anywhere, or is monitoring addresses with low balances the best proxy? If the latter, what would be the best range (e.g. addresses with more than 0.0001 but less than 0.01?) and does anyone knows a free website that publishes such info? I don't fancy paying for Premium account on Glassnode.