I have a theory that retail may not ape in this cycle as much as they did in the last one.
Are you sure they even aped a bit in the last one? We barely got 3x last time, this time people would be happy if they saw 2x because that would be $120k
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.
We also had China ban on mining in the middle of the 2021 bull run, so there's that.