In his latest deep dive, Benjamin Cowen explains why retail interest in crypto never came back like it did in 2021, despite Bitcoin hitting new highs.
He uses hard data from his "social risk" metrics to show the truth about the current market.
🔍 Quick Highlights
-
Social risk measures crypto interest across YouTube, X (Twitter), and exchanges
-
Retail interest never returned to 2021 levels
-
Bitcoin dominance keeps rising while altcoins bleed
-
True retail mania needs loose monetary policy, which still hasn’t arrived
-
Right now, we are stuck in the "pain" phase
💬 Why Retail Didn't Return
-
Views, followers, and engagement are way lower than in 2021
-
Every spike in attention was short-lived and tied to volatility, not sustained growth
-
Altcoins continue to bleed against Bitcoin, keeping overall social interest low
-
The current market mirrors 2019 much more than 2020 or 2021
📊 Social Risk vs Market Reality
-
Bitcoin’s price rising alone isn’t enough to bring back retail
-
Social risk correlates more closely with Ethereum and the altcoin market
-
No real altseason means no real return of retail hype
-
Without altcoin pumps, the broader public stays disinterested
⚡ What Needs to Change
-
Monetary policy must shift to being much more loose
-
That usually only happens after enough pain in the markets
-
More pain increases the odds of rate cuts and liquidity returning
-
Until then, social risk will stay low and Bitcoin dominance will likely stay high
📢 Final Thoughts
-
The retail crowd is still missing
-
Bitcoin dominance is strong, but altcoins need to wake up for true mania
-
Big changes come after real market pain, not before
"Welcome to the pain. It’s part of the process."
