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IMO there's actually an opposite effect going on: Retail was never the main driver behind crypto pricing. Think of it like this: If every US adult purchased $1000 in BTC, that purchase would represent a level of volume that BTC, otherwise & at today's historically low volume, takes about 5 days to clear. BTC volume is too high to be explained by retail.

Crypto volume comes from institutional liquidity, not retail. All of that liquidity has moved from crypto to AI. It turns out that the liquidity wasn't actually interested in the technology or the philosophy; they were interested in outsized ROI. Think of BTC not as a currency, but as a share of stock in the crypto technology sector.