Bitcoin (BTC) is rallying, but if you're wondering where all the excitement went, you're not alone. Benjamin Cowen, founder and CEO of IntoTheCryptoverse, says the crypto market is entering what he calls a prolonged "ghost town" phase, and retail investors aren't coming back anytime soon.

Cowen pointed out that retail participation fueled the massive bull markets in 2017 and 2021. This time around, things look different. While Bitcoin did rally in 2025, institutional ETF inflows powered that move, not your average crypto enthusiast. The retail crowd has largely checked out.

Why the exodus? Years of watching capital flow into scams and meme coins have damaged trust in the broader crypto ecosystem, Cowen argues. The data backs him up. Social engagement metrics have tanked to multi-year lows even as Bitcoin trades near cycle highs. Crypto-focused YouTube channels now pull in roughly 500,000 daily views across the sector, down sharply from an estimated 2 to 3 million during the 2021 bull run.

Then there's the altcoin problem. Cowen noted that the market faces severe dilution, with more tokens launched in a single day in 2025 than during the entire decade from 2011 to 2021. That's not a typo.

Cowen dismissed the idea that Federal Reserve policy is to blame for crypto's struggles. After all, the S&P 500, gold, and silver have all hit all-time highs despite elevated interest rates. The difference? Equities represent businesses with actual revenue and profits. Many altcoins, by contrast, rely on circular token issuance where "yield" comes from diluting existing holders rather than creating real value.

He compared the current environment to the 2019 "apathy top," suggesting these ghost-town conditions could persist into early 2026, marked by consolidation or gradual downside pressure. A meaningful return of retail participation would likely require a renewed focus on genuine utility and Bitcoin-centric development rather than endless speculative token launches.