Bitcoin retail investors have yet to reach fear of missing out levels, according to Ki Young Ju, the founder and CEO of CryptoQuant.

Young Ju shared this perspective as Bitcoin (BTC) fell below $92,000, continuing its decline from near $100,000 last week. The CryptoQuant CEO highlighted that recent retail trading behavior has not shown signs of panic or excessive excitement.

“Bitcoin retail investors aren’t in FOMO yet,” the analyst posted on X. “This indicator is based on the surge in trading count across all exchanges, tickers, and markets (spot and futures).”

As of Nov. 25, the indicator remained neutral, a position it has maintained since April when BTC traded around $64,000. During the last bull market, retail FOMO peaked in January 2021 when Bitcoin surpassed $30,000, driving its price to an all-time high of $69,000 during that cycle.

Despite Bitcoin nearing $100,000 just last week, analysts observe that retail investors have not yet entered the market in vast numbers.

In a note early Tuesday, Nov. 26, QCP Capital analysts said the crash from recent highs is likely to extend given the macro environment.

“With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. BTC was extremely overbought post-election, making a cooldown inevitable,” QCP wrote.

However, the declines are not “panic-worthy” and BTC remains bullish. This is despite the millions of dollars liquidated in the past 24 hours and spot Bitcoin ETFs’ $438 million ETF outflows on Nov. 25. MicroStrategy also bought $5.4 billion worth of BTC.

The Bitcoin Fear & Greed Index also supports a bullish sentiment, with a reading of 77 indicating extreme greed as the price hovered below $92,000.

Meanwhile, crypto analyst Ali Martinez noted a potential bounce to $95,000 or higher, citing a buy signal from the TD Sequential indicator.