Going by the title of your post, I would say "No". We haven't lost retail investors from the market. The challenge with retail investors is that they FOMO and get affected by FUD more often than the whales, and it then makes it look as if they are being overridden by the institutions and government. As much as bitcoin can be purchase in fractions which means we can all get it in tinny portions then retail investors still do have a place in bitcoin investment. The exception here is that they aren't given that significance in the market due to their little or no much influence or impact on market price movement.