Why does it feel so quiet in the crypto world right now? Bitcoin is clearly over 110,000, and Ethereum is close to a new high. Yet both exchanges and on-chain activities are extremely quiet. There's even less discussion than with big A stocks. Retail investors have almost run out.

The fact is, just pulling up Bitcoin or Bitcoin itself doesn't generate heat; it's too expensive. Even if Bitcoin reaches 120,000 or if news reports say it has soared to 200,000, people around me wouldn’t even consider entering the market. The peak discussion during this bull market was last year's Trump coin issuance, which was the height of meme coins; at that time, there were really four or five people around me asking how to buy coins and how to get onto exchanges. So, to attract off-market retail investors, we still need these altcoins or memes. When Bitcoin broke the new high of 124,000 and Ethereum reached 4,800, there was not a single bit of discussion around me; everyone was watching big A stocks. Now, big A stocks are casually doubling, and Bitcoin at 120,000 and Ethereum over 4,000 really hold no attraction for retail investors.