Independent Ethereum educator, angel investor and advisor. 

Founder of /thedailygwei.

total crypto market cap tells another story though, MC near 2021 highs. there is a lot of new money sloshing around in the system.

icebreaker.xyz/0xen |
https://gallery.so/Oxen/galleries | https://opensea.io/collection/farcats

Total crypto market cap (excluding stablecoins) is around $2.6 trillion

BTC + ETH market cap is $1.8 trillion which is ~70% of the total cap

We know that BTC has had a lot of inflows from ETFs (which is why it has been so strong).

Ergo, new money has mostly just gone into BTC via ETFs.

retail is back unless i'm missing something - they're just not buying last cycles coins

As I explained, this is just crypto natives rotating out of BTC and ETH into other things

Just look at BTC dominance alone - it looks *nothing* like H1 2021 which was the last retail-led bull market

this chart doesn't really show that though, that insiders are just playing alts now. it could mean lots of things. the simplest and most likely is that retail just isn't that dazzled by Bitcoin anymore.