Crypto? Yes, probably.

Bitcoin? It depends on the timing. Every time the price of Bitcoin explodes, we can see the number of active entities explode as well, suggesting new enrants into the space which are likely retail investors. After the big crash, the active entities decreases but stabilizes higher than past cycles.

Based on the data, there has been little or no increase in retail investors since mid-2021. The entities active right now are long-term holders. If they are interested only in fiat gains, they're at least long-term investors.