retail traders make up only 2.4% of the forex market

retail traders are not even part of the market, they are betting on the market but they are not betting in the market. The 2.4% you are talking about is the brokers and not the retail traders

Retail activity constitutes part of the "other products" category on the chart

True, retail is a tiny slice (~3-5% per BIS data). The forex market is overwhelmingly institutional. .

Interesting chart. FX swaps still dominate but losing share as spot and forwards grow. Good to note retail flows are buried in that small "options and other" slice.

This is why I say the SMC concept is a lie, institutional traders do not need liquidity from retail traders, because retail traders don't even exist to them.

SMC will not agree with you, they will ask you to explain why price moves to one's stop loss and hits it before reversing. According to their thinking they will say that is institutional players pushing price to hit retail stops 😂

i understand but my own argument is why will the 98% be looking for liquidity from the 2%