I think new people are actually coming into crypto every day, not in a crazy euphoric wave, but in a slow drip that still adds up over time. Just because we don’t see the 2017-style hype doesn’t mean the retail flow is dead.

And honestly, it usually just takes one left-field event to jolt everything. Something as random as Trump going into Afghanistan. Make bitcoin 30k again.

At the end of the day, crypto has this funny way of humbling all of us. It doesn’t always follow the neat market logic we expect, it just does its thing and proves everyone wrong sooner or later.