I have a theory.
This could actually be the craziest bull run ever.
In 2021, millions of people were exposed to crypto.
Many of those retail participants left.
But since then, the industry has had another 3 years to mature. The tech is way better. The on-ramps are more efficient.
And more importantly, now we have a pro-crypto US president, BTC and ETH ETFs, and unprecedented institutional demand, combined with all-time low BTC supply.
Since crypto is already on retail's radar, there is less mental barrier to entry to re-enter, instead of trying to understand and learn an entirely new asset class.
Notice how quickly attention came back once price started moving? It's already on people's radar. This makes gaining network effect even easier/faster via the internet and word of mouth.
There are also more information sources available than ever.
2021 was the primer for something much bigger.