Are we in a bull market without retail?

This cycle feels different. Bitcoin is hitting new highs, ETFs are pulling in billions, and institutions are clearly buying. But retail interest still seems low. Google searches are quiet, meme coins aren’t exploding, and the usual hype just isn’t here yet.

Is this a new kind of bull run, driven mostly by institutions? Or is retail just late this time?

Also, if retail never really comes back, does that mean altseason might not happen like before?

Would like to hear what others think, especially those who’ve seen past cycles.