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.
Overall, I agree with the idea that Bitcoin is now a symbol of financial freedom a kind of digital "exit from the system". But at the same time, we shouldn’t overestimate the awareness of the general public. Yes, part of the retail crowd understands this and actively buys BTC. But the majority are still on the sidelines either out of fear of losing money.
Another point: even if someone believes in BTC as "freedom gold", it doesn’t necessarily mean they’re actively buying right now maybe they’re just holding. Mass retail participation usually comes with something emotional and visible: a parabolic price rally, new memes, or some revolutionary app. Without that kind of trigger, even the more conscious investors tend to stay passive.
So I’d say retail is still here, just quiet. And to ignite the next wave, we’ll need a real catalyst - not just the idea of freedom.