Although I do not have exact statistics, I am sure that retail investors continue to buy Bitcoin. Another thing is that not all people on planet Earth have realized the fundamental value of Bitcoin.

Meanwhile, the modern financial system is currently undergoing a transformation. Some countries are forcing the creation of central bank digital currencies (CBDC), while other countries are giving the green light to centralized stablecoins (which are very similar in their properties to CBDC). In other words, a digital concentration camp is being built all over the world, censorship is being introduced, financial and information flows are being controlled.

In these conditions, Bitcoin is acquiring the role of financial instruments of freedom and independence of people. And every person who realizes this is now buying Bitcoin.

Therefore, I am sure that the number of retail investors has not decreased, but of course, such institutional investors as Michael Saylor are more loud, pompous and noticeable.