According to Miles Deutscher, retail participation in the cryptocurrency market is currently at its lowest level in years, driven by significant losses during the 2021 market downturn and further exacerbated by events such as the UST and FTX collapses. Recent sharp declines in meme tokens and speculative projects in late 2024 have also deterred retail traders, leading to reduced liquidity and lower volatility in the crypto market. This trend suggests institutional dominance is increasing, which can result in less price support and higher risk for retail entrants (source: Miles Deutscher on Twitter, June 9, 2025).