The reason there are no retail investors left in the crypto market these days—put simply: in the past, when retail investors walked into a shop to spend money, the shopkeepers could at most cheat them; even if they lost money, they’d still let you leave with some dignity. Now, if small retail investors walk in, they can only end up leaving with nothing but their bare ass; if the big investors walk in, it’s basically them forcing the shop to sell out to the big players.
By the time retail investors lose everything, they don’t even have the basic dignity anymore—so who would still play crypto?