Because there is no participation from retail investors

Why does it feel so quiet in the crypto world right now? Bitcoin is clearly over 110,000, and Ethereum is nearing an all-time high. However, both exchanges and on-chain activities are extremely quiet. There's even less discussion than about the big A stocks. Retail investors are nearly all gone.

It has been proven that just pumping Bitcoin or Ethereum doesn't generate interest; they are too expensive. Even if Bitcoin were to rise to 200,000, people around me wouldn't consider entering the market. The peak of discussion around coins during this bull market was actually last year during the issuance of Trump coins, which was the high point of meme coins. At that time, there were genuinely four or five people around me asking how to buy coins and how to get onto exchanges. Unfortunately, this process was interrupted by tariffs and the halt of interest rate increases. To attract off-market retail investors, we still need these altcoins or memes. When Bitcoin broke its new high at 124,000 and Ethereum reached 4,800, there was not a single discussion around me; everyone was focused on big A stocks. Now, big A stocks are really doubling casually, while Bitcoin at 120,000 and Ethereum over 4,000 have very little appeal for retail investors.