Analysis: Retail participation in the crypto market remains low, and even a Fed rate cut may struggle to drive sustainable growth. Matrixport's analysis in today's chart points out that retail participation in the current crypto market remains low. Taking the historically retail-heavy South Korean market as an example, today's trading volume shows a significant gap compared to the peaks in December 2023 and 2024: Back then, daily trading volumes could reach several billion dollars, whereas now it's barely around $1 billion, reflecting that retail funds, which are primarily focused on short-term trading, have yet to make a noticeable comeback. In this market environment, some newly launched or expanding trading platforms continue to struggle to see sustained growth in trading volumes. The pace of some previously high-profile IPO plans has also noticeably slowed. Without broader retail re-entry into the market, even if the Fed opts for rate cuts in the future, relying solely on monetary policy easing is unlikely to drive a truly sustainable rally. To put it bluntly, without trading volume, market sentiment is hard to build; without sentiment, trading volume is hard to grow.