According to Crypto Rover, despite Bitcoin reaching its all-time high (ATH), retail investor participation remains notably subdued, as evidenced by stagnant search trends and low on-chain retail activity (source: Crypto Rover, Twitter, May 22, 2025). This suggests that the current rally is driven primarily by institutional flows rather than retail enthusiasm, which could impact the sustainability and volatility of the ongoing bull market. Crypto traders should monitor for potential retail entry points, as a delayed influx of retail capital may signal further upside momentum or signal a changing market structure.