According to CoinDesk, ChainCatcher reported that James Van Straten, a senior analyst at CoinDesk, believes retail investors may not be as prevalent in the current cycle and are becoming more sophisticated.

James stated that retail investors were a significant factor in the previous crypto bull market, helping to drive up digital asset prices and market enthusiasm. Many entered the crypto market for the first time during the COVID lockdowns of 2021-2022.

This bull market cycle, which began in mid-2023, is more driven by institutions. Currently, the main topics revolve around ETFs and slow but steady TradFi adoption. So far, retail investors have not returned in the same numbers (meme coins being an exception).