The Coinbase app, which has been a popular indicator of retail participation in previous crypto bull markets, is currently ranked 438th in app store downloads, suggesting a lack of retail interest in the current rally. Short-term holders of Bitcoin, those who have bought within the past 155 days, own approximately 2.5 million tokens, a level typically associated with bear markets. Retail transfer volumes and NFT gas usage on the ether network are also low, indicating limited retail activity. However, memecoin activity is surging, suggesting a different trend among retail investors.



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