Hello everyone. How are you all doing? I hope things are good. We have been losing money again. In the last 2 days the market has lost a significant amount of capital and BTC itself has lost about $7,000 in the last 10 days. So things aren't really so good. Especially when you see that the market is more detached than ever. The main cryptocurrencies such as BTC, ETH and XRP all having their time in the sun while the other alternatives not getting the same exposure. So it is obvious enough that people are more distant from the market because they are simply disappointed and the current state. But that alone should not be enough reason for the low amount of overall interest compared to what we usually see in a bull market.
While the low interest part is quite concerning. Actually the reality is not that much. So usually retail investors such as you and I traded crypto on exchanges such as coinbase, binance, etc. But now people have another alternative one that is more familiar to them. That is ETFs. People can simply buy Bitcoin and other cryptos from ETFs instead of going through the sketchy route of understanding. How these exchanges work and how you safeguard your own wallet etc. They simply buy it through organizations such as BlackRock and other financial institutions just like they would buy shares in Tesla. So this is a supposed ease of use. Has allured away a lot of retail investors from directly trading on coinbase to trading through ETFs. So it is easy to say that investment funds have conveniently put themselves in the middle of the chain and they are profiting from it. Now that shouldn't be that much of a problem. But it is a problem for altcoins. Because when people log on to these exchanges they see other coins and their movements and they get interested and then they buy them. It's the curiosity that drives these markets. Now. Since there are simply less people logging on to these exchanges, there is less amount of curiosity. So this is one of the reasons altcoins are not performing as expected.
I personally am quite worried about the future of altcoins. I wonder how much they will scale and whether they'll ever catch up to the waves of the big cryptocurrencies. But as far as retail investment goes and the state of the top coins, it's not really that bad except it is a new reality.