This article is relevant.

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Since Bitcoin began surging in early 2024, much debate has arisen about whether retail investors and newcomers have re-entered the market. By analyzing specific data, we can gain a clearer picture.

Focusing on yearly changes in Bitcoin addresses holding varying amounts, categorized as Plankton (>0 & <=0.1 BTC), Shrimp (>0.1 & <1 BTC), exactly 1 BTC, Crab (>1 & <10 BTC), and Fish (>=10 & <100 BTC), we see that smaller groups provide a more accurate reflection of the general market and sentiment.

Historically, Bitcoin's price increases have coincided with a steady rise in these retail group addresses, highlighting FOMO-driven market behavior. The current cycle shows retail participation, though weaker and more uneven than previous cycles, likely due to global monetary declines over the past three years.

The Plankton group, in particular, shows negligible growth from early 2023 to now, especially compared to previous cycles. Despite this, data suggests future FOMO waves are still possible, providing a basis for optimism in this cycle.