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Although the market is "good," with BTC and ETH breaking new highs, when talking with a few friends, the general feeling is that retail investor sentiment is still not heating up. The download numbers for Coinbase in the App Store haven't changed much, and there hasn't been an explosion of unread messages in various group chats. We estimate that retail sentiment is only about 20% of what it was during previous bull runs. What does everyone think?
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