This is the problem though, they don't need to return to the network for price exposure anymore. In previous cycles they had to, at the very least, go to a crypto exchange to purchase Bitcoin.

This still isn't interacting with the actual Bitcoin network, but they were all still only one WITHDRAW button away from self custodying their holdings. Now, with the ETFs, they're effectively permanent residents of a financial Hotel California.

This is why my point remains, Retail is gone, and they might not be back, because they don't have a real reason to interact with Bitcoin itself. There's no place to use it so there's no pull to encourage them to hold the real asset. TradFi has given them their fix.. access to price exposure.

We, the Bitcoiners, need to give them real reasons to come back before they will consider doing so.