The first cryptocurrency has reached all-time highs, soaring above $118,000, but retail investors are ”barely visible.” This was stated by André Dragosz, Bitwise's head of research in Europe. Dragosz pointed to a decline in interest for the search term ”Bitcoin” on Google. According to Google Trends , during the week of July 6–12, the metric reached a level of 40. Although this figure rose amid the rally, it remains far from the peak of 100 points recorded in November 2024, just before bitcoin surpassed $100,000. Dragosz emphasized, ”The recent rebound is mainly driven by institutional investors.” His words are supported by significant inflows into exchange-traded funds (ETFs) in recent trading days. On July 10 and 11, U.S. spot bitcoin ETFs attracted $1.18 billion and $1.03 billion, respectively, bringing cumulative inflows to a record $52.36 billion, according to SoSoValue. Ethereum funds also recorded substantial inflows, with the all-time total now exceeding $5.3 billion, as reported by SoSoValue Some participants in the crypto industry have suggested that the price of ”digital gold” has become too high for regular investors. Digital asset advocate Lindsey Stamp noted, ”I guess a lot of retail traders find out that one bitcoin is worth $117,000 and think, 'No, I missed my chance,' and don't even consider buying it.” Discussing the topic, Cedric Yangelman, host of the Bitcoin Matrix podcast, expressed confidence that bitcoin ”won't revive for retail investors for a long time.” About Market Cycles According to Xapo Bank CEO Seamus Rocca, market cycles of new all-time highs followed by deep corrections remain consistent, contrary to popular belief. He believes the risk of a prolonged bear market is very real and does not require a ”catastrophic” event to trigger it. Simple factors such as a general slowdown in news, negative developments, or planned rebalancing of portfolios could spark the next downturn. ”We all want to think bitcoin is an inflation-protection tool, and I believe it will be one day. But I'm not sure if we've already achieved that. I still see it as a very risky asset. At least the correlation between bitcoin, the S&P 500 index, and stocks is still very strong,” Rocca explained. According to Rocca, the ”contagion effect” could simply drain all the news from the market, leading the crypto sector to ”exhaust its potential” in a natural and lengthy process. ”A lot of people say, 'Oh, institutionalization exists, therefore bitcoin's cyclical nature is dead.' I don't really agree with that,” Rocca emphasized.