Frankly speaking, in the past bull markets, new retail investors were always called in to take over and were often left holding the bag.

Now, there might not be many new retail investors who can enter the market; this round might be about cutting the losses of the old retail investors.

Of course, the main focus is on cutting the losses of those 'experiential' old retail investors who jumped in early during the big bull markets. Some of them even completely deny the influence of macro factors and overly trust the four-year cycle.

On the other hand, the flexible and comprehensive analysis of old retail investors is a different matter; these individuals have better judgment.

Regardless, with fewer new retail investors and more old retail investors in the market, the latter becomes the main target for big players. Disrupting market rhythm and shattering retail investor psychology is highly probable. So simply having good judgment isn't enough; one also needs composure and endurance...

Changing habitual thinking and engaging in a battle of ideas with old retail investors may lead to the conclusion that most old retail investors are already in the market. The absence of a big bull market or a season of altcoins could mean that the real bull market or altcoin season might only occur once most old retail investors exit...

Considering the macro environment and U.S. policy trends, it is possible that the altcoin season won't come in 2025, but rather in the first half of 2026. DYOR