I discussed with my friends for a long time today, are there any newcomers entering the cryptocurrency industry now? Why have individual investors become abandoned? The following will provide you with answers. The code has been written for a long time, please like and support it. We can see from this round of market trends that it is indeed very cold. Bitcoin hits new high, ETF landing, RWA、AI、DePIN、 Wait for a hundred flowers to bloom, but the voices of individual investors are getting smaller and smaller. It's not that retail investors don't want to come, but the current cryptocurrency industry is no longer like a game designed for retail investors. Not suitable for retail investors. What attracts retail investors? Undoubtedly, it is the temptation of sudden wealth. Who dares to say that they have become rich this time? If so, please slap him with your big mouth, not to mention that getting rich is a matter of his mother returns. It's not caused by our greed, but by the fact that we never had the opportunity to buy and get trapped. So good, the bull market is here, why haven't we made any money? What did the past bull market rely on? Relying on emotions, storytelling, and low entry barriers. A meme chart, an expected airdrop, a marketing token, such as EOS, can ignite the fantasy of 'I want to become rich'. And what about this round? The main force is institutions: driven by ETFs, RWA heating up, on chain markets taking shape, retail investors even can't figure out what Rage Trade and Pendle are doing. The hot topics are spinning too fast: the project is only hot for three days, today it's AI, tomorrow it's DePIN, the day after tomorrow it's those few, ordinary people can't even react. The money making effect is gradually concentrating: from the grassland of tens of thousands of people to the institutional gold mine, what is harvested is volatility, what is eaten is liquidity, and the "emotions" of individual investors are no longer the dominant force. Have we individual investors really been 'abandoned'? The cryptocurrency industry has indeed changed. In fact, retail investors have not been abandoned, but have been redefined as traffic and data. Retail investors are still important, but they are not the end point. They are just pawns and stepping stones, becoming a part of KYC. Many projects have started to only focus on compliant markets and serve authentication users. The previous anonymous hair raising approach is becoming increasingly difficult. To put it bluntly, retail investors were not kicked out, but rather surrounded. What attracts retail investors for the upcoming bull market? Airdrops are definitely still effective, like previous ones like arb srka, and airdrops are still one of the main keys to stimulating retail participation. Ethereum is the most crucial factor. Retail investors in the cryptocurrency industry do not buy big cakes, but rather buy knockoffs, and the king of knockoffs, Ethereum, must be tough on its own. Otherwise, everything would be nonsense. I have seen through it. The cryptocurrency industry is not unsuitable for retail investors, but it is no longer suitable for the previous round of retail investors. You don't look at the blockchain, don't study token models, don't have time to delve deeper, and still want to buy some knockoffs and wait for a hundred fold increase in wealth, but this era is over. But his mother, why are so many junk coins online in the exchange? It's easy to answer. There is no escape from the law of true fragrance. The cryptocurrency market has changed, and retail investors also need to upgrade. That is to say, it's not that retail investors are no longer important, but rather that those who can play are important.