Demand from smaller Bitcoin investors rose 9.36% over 30 days, according to CryptoQuant analyst Ja Maartun, bringing the metric close to a two-year high. CryptoQuant data cited by on-chain analyst Darkfost measures small-investor transfers as $0 to $10,000 and showed the 30-day demand change nearing 10%. Separately, Galaxy Digital Head of Research Alex Thorn said retail investors’ buying appetite for BlackRock’s IBIT Bitcoin ETF reached its strongest level in two years. Darkfost said elevated small-investor demand has often coincided with local Bitcoin tops, while the current rebound remains weak despite accelerating retail participation.