In previous bull markets, particularly in 2017 and 2021, retail participation significantly surged, making Coinbase the top downloaded app, which contrasted sharply with its current ranking of 438.
The amount of bitcoin owned by short-term holders has declined to approximately 2.5 million tokens, indicating a bear market sentiment rather than the bullish activity seen in past market peaks.
As of this rally, Coinbase's app rankings reveal low retail interest compared to the past, suggesting that retail investors are not driving this particular market uptick.
With only 2% of Ethereum's gas usage attributed to NFTs, down from 40%, it underscores a diminishing hype around NFTs alongside the broader crypto market fluctuations.
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