In reality, I believe that retail will be of little importance in this cycle. In the last cycle we started talking about institutional adoption, and it is true that it started then, but I think that when it is going to be noticed, when there is going to be real institutional adoption, it is going to be in this cycle. So, whether there are more or less retail investors, I think it will have little impact when compared to institutions buying (or selling) billions.
Retail investors like us may seem insignificant because we are a small entity, but if more people participate, it will not be as small as you think. In any financial market, retail investors are always in the majority, but we often hear about institutions because it is easier to aggregate their data than retail investors.
Also, as large institutions enter the market, it means they need more liquidity and without retail investors, where will they get liquidity? Why is it that when bull season comes, there will be many stories of investing in memes that make 1000%, 10000% profits? The sole purpose is to attract liquidity into the market and only retail investors like us care about that, funds will never bother.