Why are there so few active users when BTC is at 90k+? It makes no sense. Are we that early in the bullrun?

I've started to see news about Bitcoin again, which is a telling sign, but active users on reddit seems stagnant, still.

Or maybe the numbers we had in the prior bullrun were inflated by moon farmers?

Institutions seem to be driving this run, is there any chance for retail to be wary of the high BTC price this time? We're talking about 90k now, it's intimidating AF to think about buying a whole Bitcoin compared to the previous run.

I am thinking that the huge price of BTC might also be the catalyst for the alt season. Newcomers might want to try their luck playing the alt casino.

What are your thoughts on this?