Why are retail investors absent in this round of Bitcoin bull run?

This round of Bitcoin bull run always feels "different."

More precisely, each round of the Bitcoin bull run has its uniqueness, and each cycle brings new narratives and fresh blood. But in the history of Bitcoin, there has always been one element that remains unchanged: the enthusiasm of retail investors for "freedom technology" and "financial freedom funds". At least that is the case when Bitcoin's price skyrockets to lunar-like levels.

Do you still remember the figure of retail investors? Now there is only a silence left...

I can hardly hear any noise: no taxi drivers, no distant relatives, and no kindergarten teachers asking, "Is it too late to buy Bitcoin now?" Although some analysts firmly believe that the "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-made answers for Ripple questions.

In summary, the core issue is that retail investors have chosen to sit out this round of the Bitcoin bull run, and the reason is certainly not a lack of awareness. This time is indeed different: amid a series of events such as the launch of the Bitcoin ETF, presidential-level promotion, and Larry Fink leading the World Economic Forum (WEF), retail investors have determined that this "game" is no longer suitable for them.

To be frank, Bitcoin may no longer be interesting, or perhaps retail investors suffered too much in the last bull run and have finally learned not to play with fire. In fact, no one is casually searching for related news: Google Trends shows that the search interest for Bitcoin is even lower than the slight peaks for "Japanese strolling" and "Labubu dolls."

While "the fact that nobody uses Google to search for things anymore" may be one reason, the silence of distant relatives and service industry workers is also quite evident.

You may not realize that this leading cryptocurrency has stood firm at the $100,000 mark for nearly 100 days, which is both a psychological milestone and a revolutionary turning point. In the past, whenever Bitcoin broke through key integer thresholds ($100, $1,000, $10,000), it would trigger new waves of adoption and investment, leading to a "hockey stick" price surge.

But this time, no one cared.

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

In each round of the Bitcoin bull run, after the price and the moving average both break through and stabilize at historical resistance levels, a new wave of upward momentum often follows. But this time, retail investors are nowhere to be seen.

This cycle even eliminated some long-term holding Bitcoin whales, creating space for those "aggressive institutions that Bitcoin should have resisted."

In 2025, there was a significant shift in the retirement planning sector: Bitcoin and other cryptocurrencies were legally incorporated into mainstream retirement accounts, allowing tens of millions of Americans to directly accumulate "hard currency" for the future.

But retail investors remain indifferent to this.

They seem to be "packing their bags to go to the virtual Bahamas," stating, "we won't participate in this bull run." Although Bitcoin has gradually shifted from a speculative trade to a standard in retirement portfolios and a choice for institutional diversification, the absence of retail investors still feels particularly regrettable.