[OnlineGladiator]

Well the last part of my original comment was that most people just don't interact with crypto in the first place, which is what you seem to mean by retail exposure.

As for the rest, I disagree. If a million people lose 10% of their savings it matters more than if a thousand people lose 10% of their savings, and that's why market caps matter for anything publicly traded. The amount of money is what matters, and that's measured by market cap. Sure, we can get down into more granular details like how much of that market cap is the float, are people investing into certain stocks using their Roth IRA, or whatever other details - but the amount of money drowns out these factors in the aggregate.

Agree to disagree. Cheers.