I have a theory that retail may not ape in this cycle as much as they did in the last one.

Last bull run we had covid boredom (people sat at home with nothing to do) + a LOT of stimulus = a lot of new money flowing into crypto, especially alts.

This time we have the institutions of course, and I don't underestimate how big that could be for Bitcoin this cycle (although it could be more "slow and steady" than face-melting gains).

But it feels like retail are still licking their wounds from the last cycle and less likely to join the fun time round.

What do you think?

I think for BTC it doesn't really matter too much, but for alts we might not see the kind of returns everyone's expecting.