US equities are seeing a surge in retail trading, reaching about 20% of volume in Q3 2025, near meme-stock era highs. This makes stocks more sentiment-driven and reactive. Crypto shows the opposite shift: declining retail participation and rising institutional dominance. Institutions bring deeper liquidity and maturity but slower momentum. Analysts see fewer catalysts ahead, making 2026 potentially subdued for crypto despite structural progress as market roles realign across asset classes.

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