Bitcoin retail investor demand has shifted to an expansionary trend since the sharp drop in early April, but the actual volume of capital inflow is still in the early stages of recovery, diagnosed on-chain analyst Axel Adler Jr. In his blog, he stated, "The 30-day change rate of retail investor demand rose from -8.2% on April 5 to +4.38% on May 12. This indicates that small capital is flowing into the network faster than a month ago, but it is not a sign of overheating or euphoria (extreme optimism). The transfer volume below $10,000 (30-day moving average) only showed a slight recovery from $336 million to $351 million during the same period, still falling short of the February-March levels ($365 million to $375 million)." He further explained, "It's a typical pattern in the early stages of recovery for demand momentum to shift first, followed by trading volume." He added, "If the indicator stays above 0, a positive trend will form, but if it falls back into negative territory, this reversal might be weaker than it appears."
