Exactly. The cycle doesn't end without retail participation and euphoria, period. This time is not different.
i'm happy to understand there's a real possibility that "retail never comes back", everyone is flogging mag7, tradfi options, etc, and cycles can end in apathy. maybe equities and broader risk conditions break down. who knows. but i still firmly believe that there's a great chance we'll see a blowoff at some point between this winter and late 2026 that sees retail participation. social sentiment has been ice cold this entire run up, save for a very brief flicker leading up to the nov '24 trump win people spent the year prior to that saying "a broad alt season is mathematically impossible" during this short phase of liq expansion, xrp added 150b in mcap, and a bunch of ancient dogshit ripped too - HEDERA HASHGRAPH pulled an 8.5x in under a month (see attached chart). even tezos (!!) pulled a 3x is it really *that* hard to believe that that can happen again, but just modestly larger in magnitude and duration? i don't think it's an inevitability, but people seem very deterministic and zealous in saying it's not possible, which i think is silly diaperliquid.
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