Benjamin Cowen, founder and CEO of IntoTheCryptoverse, says the crypto market may be entering a prolonged “ghost town” phase as retail investors continue to exit and show little sign of returning in the near term.

What Happened: Cowen said retail participation was the primary driver of the major bull markets in 2017 and 2021.

While Bitcoin (CRYPTO: BTC) rallied in 2025, he noted that the move was largely powered by institutional ETF inflows rather than broad-based retail demand.

According to Cowen, years of capital misallocation into scams and meme coins have damaged trust in the wider crypto ecosystem, leading to lasting retail disengagement.

Social engagement metrics support this view,…

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