There are 2 types of retail investors to me. Those are seasoned retail investor and newbie retail investor.

Seasoned retail investors are those in the crypto space for some years. They already experienced how volatile cryptocurrencies are and how the market works so they are just DCAing quietly while it's not bull season.

While those newbie retail investors, from what I've observed they just return when fomo is happening and some altcoins is reaching or achieving a new ATH. They are usually those people who buy high, sell low. Some of them quit after experiencing some losses but others become a seasoned retail investor if they learned from their mistakes and still see the long term potential of investing into cryptocurrencies.