Source: cryptoslate

Translation: Blockchain Knight

This round of the Bitcoin bull market feels "different."

More accurately, each Bitcoin bull market has its uniqueness, with every cycle bringing new narratives and fresh blood. But throughout Bitcoin's history, one element has remained constant: the retail investors' enthusiasm for "freedom technology" and "financial freedom funds." At least that has been the case when Bitcoin's price skyrockets to lunar-like levels.

Do you remember the presence of retail investors? Now, there is only silence…

You can hardly hear any noise: no taxi drivers, no distant relatives, and no kindergarten teachers asking, "Is it too late to buy Bitcoin now?" Despite analysts firmly believing that "altcoin season" is about to start, I haven't even been asked about "Fartcoin," Dogecoin, or Ripple. If you need, I do have a set of ready answers for questions about Ripple.

In short, the core issue is: retail investors have chosen to sit out this round of the Bitcoin bull market, and the reason is certainly not a lack of awareness. This time it really is different: between the launch of Bitcoin ETFs, presidential-level promotion, and Larry Fink's leadership at the World Economic Forum (WEF), retail investors have determined that this "game" is no longer suitable for them.

To put it bluntly, Bitcoin may no longer be interesting, or perhaps retail investors suffered too much in the last bull market and have finally learned not to play with fire. No one is even casually searching for related news: Google Trends shows that Bitcoin's search popularity is even lower than the weak peaks of "Japanese walking" and "Labubu dolls."

While it's true that "no one is using Google to search for things now" might be one reason, the silence from distant relatives and service industry workers is also evident.

You might not realize that this number one cryptocurrency has held steady at the $100,000 mark for 100 consecutive days, which is both a psychological milestone and a historic turning point. In the past, whenever Bitcoin broke through key integer levels ($100, $1,000, $10,000), it would trigger new waves of adoption and investment, leading to "hockey stick" price surges.

But this time, no one cares.

Bitcoin not only maintains its sky-high price and continues to set historical highs, but its technical support is also strengthening. The 200-day moving average of Bitcoin has surpassed $100,000, which is a strong signal for traders and long-term holders.

In every Bitcoin bull market, when both price and moving averages break through and stabilize at historical resistance levels, a new wave of growth often follows. But this time, retail investors are nowhere to be seen.

This cycle has even eliminated some long-term holding Bitcoin whales, making room for those "aggressive institutions that Bitcoin was supposed to resist."

In 2025, there has also been a significant shift in the retirement planning sector: Bitcoin and other cryptocurrencies have been legally included in mainstream retirement accounts, allowing tens of millions of Americans to directly accumulate "hard currency" for the future.

But retail investors remain indifferent.

They seem to be "packing their bags for virtual Bahamas," stating, "We are not participating in this bull market." Although Bitcoin has gradually transformed from a speculative trade to a standard in retirement portfolios and a choice for institutional diversification, the absence of retail investors leaves a sense of regret.

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