Despite Bitcoin's price breaking through the 110,000 mark and Ethereum nearing its historical high, the atmosphere in the Crypto Assets market is surprisingly quiet. Both the activity on exchanges and the on-chain data indicate that market participation is below expectations. Even compared to the currently hot A-share market, the discussion around Crypto Assets seems to pale in comparison, reflecting that retail investors are gradually exiting.

Relying solely on the price increases of mainstream crypto assets like Bitcoin and Ethereum seems insufficient to ignite market enthusiasm. Even if the price of Bitcoin reaches 120,000 or higher, it is unlikely to attract new investors to enter the market. Looking back at the peak period of cryptocurrency discussions last year, it coincided with the rise of meme coins related to Trump. At that time, many people indeed asked how to purchase crypto assets and use exchanges. However, this wave of enthusiasm was quickly interrupted by macroeconomic factors such as changes in tariff policies and the decision to halt interest rate hikes.

To regain the attention of retail investors in the over-the-counter market, it may still rely on small-cap tokens such as altcoins or meme coins. Interestingly, when Bitcoin reached a new high of 124,000 and Ether also broke through $4,800, the people around me rarely discussed these achievements. In contrast, the performance of the A-share market received more attention, with the potential for doubling returns making 120,000 Bitcoin and over 4,000 Ether lose their appeal to ordinary investors.

This phenomenon reflects that, as the prices of mainstream Crypto Assets continue to rise, the entry barriers are also increasing, making it increasingly difficult for ordinary retail investors to participate. At the same time, the strong performance of the traditional stock market has diverted investors' attention. This reminds us that the Crypto Assets market may need new innovations and more attractive projects to reignite the enthusiasm of retail investors, rather than just relying on the price increases of mainstream coins.