Retail investors are leaving in large numbers, which is a true reflection of this year's market situation. But is the problem really with the crypto assets themselves?

Recently, I discussed this topic with my family and discovered some interesting phenomena. My younger brother just came back from vacation; he's only 22 years old and has his own views on the market. We were talking about why, in a year when the stock market is so hot, the crypto market remains sluggish. He suddenly said, "Cryptocurrency is no longer cool."

That statement was a bit shocking to me. He continued to explain, "Predictive markets and stocks are more attractive, after all, you don't have to worry all day about being wiped out or scammed."

Thinking carefully, his observation hit the nail on the head. I reflected and realized that the problem isn't fundamentally about technicals or fundamentals—it's something deeper. This is a cultural shift, a large-scale migration of market attention.

The data makes it very clear. All content related to cryptocurrencies on YouTube is experiencing a decline in views. A crypto content creator with 139,000 followers bluntly stated that the recent two-week drop in views is the most severe in his five years of experience.

Another phenomenon worth noting is the decline in influence of top crypto KOLs. Those voices that once caused market buzz now have noticeably less appeal. In simple terms, the market's attention resources are shifting from this track to other areas.

This is not just a market cycle issue; it resembles a shift in social psychology. When retail investors start to feel that a market is "not cool," the entire ecosystem's attractiveness will undergo a fundamental change.