I don’t have hard data on this but I think we’re seeing a decline in interest in certain niches, especially in DeFi and NFTs. Instead, people are more likely to think about investing in more fundamentals like bitcoin, although some people are also doing the same thing in altcoins. People who are involved outside of bitcoin are based on the hype and this is what creates consistency issues because certain conditions will make them lose more money.

For retail, I think it’s still around and it’s never going to be at the point of extinction for whatever reason. They’re there for reasons that allow them to engage in it with different specifics.