The user is disappearing. According to Santiment's data, since February 2021, the number of independent trading addresses on the BTC chain has decreased by 42%, and the number of newly created addresses has decreased by 47%. Coinbase's monthly active trading users have decreased from a peak of 11.4 million in 2021 to approximately 7.8 million by the end of 2025. According to Glassnode data, BTC active addresses decreased from approximately 778000 in August 2025 to approximately 536000 in February 2026, a decrease of 31% in six months. ​ Money is moving. According to joint data from JPMorgan and Wintermute, retail funds have been systematically flowing from cryptocurrency to the stock market since the end of 2024. Even Robinhood has confirmed it. In Robinhood's Q4 2025 financial report, options and stock revenue were on the rise, but cryptocurrency revenue plummeted 38% year-on-year to $221 million - BTC was still near historical highs at the time. Retail investors don't have money to gamble, they don't gamble here anymore. ​ The narrative machine is malfunctioning. Galaxy CEO Mike Novogratz publicly stated in February 2026 that 'the speculative era of encryption is over'. The event in October 2025, in which 1.6 million people were forcibly flattened and lost $19.37 billion within 24 hours, directly interrupted the willingness of retail investors to re-enter the market. His original words: "Narrative takes time to establish, to attract people in... When a large number of retail investors are eliminated, Humpty Dumpty will not be immediately pieced back. "​ Momento Research tracked 118 major token issuances in 2025, of which nearly 85% were in a loss making state. Why do retail investors still want to buy something with billions of lock up tokens waiting to hit you?