Retail trader volume on certain major crypto exchanges sits around the 20% mark—a level that's been crawling up incrementally since Q3 2023, though it's still pretty modest overall. Here's the thing about bull runs: they're essentially wealth transfer mechanisms. Whales gradually offload their positions into the hands of retail participants. The math checks out: major holders still control substantial amounts of tokens, and as long as retail participation remains relatively low, there's room for this redistribution game to play out. Understanding this dynamic helps explain why certain market phases feel the way they do.