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

what was BTC + ETH - stables % last go around at peak?

I've been thinking something similar, total crypto mcap still not at ATH despite BTC ATH which isn't significantly more than previous ATH. I don't think retail is here either and suspect the ETF money is a little more stable than retail. Empirically, no one outside of crypto has brought it up to me yet