Bitcoin's current rally is painting an interesting picture—we're trading near range highs, yet retail traders seem completely disconnected from the action. In previous bull runs, you'd see FOMO everywhere, communities buzzing, retail metrics through the roof. This time? It's eerily quiet.

Institutions are carrying the entire rally on their shoulders right now. The on-chain data tells the story: retail indicators remain deeply underwater. Most retail participants are still sitting on the sidelines, either skeptical or waiting for that perfect entry point that never comes.

Here's what keeps running through my head—what happens when retail finally wakes up and realizes they've missed half the move? That's when things could get really interesting. The institutions have built a solid foundation; retail FOMO could be the catalyst that transforms this into something much bigger.