According to Bitwise's chief investment officer Matt Hougan, the lackluster Bitcoin performance this year compared to last isn't just about macro conditions—retail investors have played a surprisingly significant role. Hougan points to the "fast-moving retail crowd" as a key factor dragging Bitcoin down from where it started the year. This observation highlights how the volatile behavior of retail capital, often moving in and out of positions quickly in response to market noise and sentiment swings, can create downward pressure on even major assets. The divergence between retail and institutional positioning continues to shape market dynamics in ways that go beyond traditional economic cycles. It's a reminder that understanding liquidity flows and investor behavior patterns is just as crucial as tracking fundamentals when analyzing Bitcoin's trajectory.