There will always be active investors. People will always think they know a way to succeed in the market that nobody else does. It's human nature. Plus, there will always be VCs, hedge funds, and other high-risk, high-reward investment vehicles used by the wealthy to add some spice to their otherwise conservative portfolios.
There may be fewer active investors than before, but that doesn't mean the market won't function.
There may be fewer active investors than before, but that doesn't mean the market won't function.