Previous seasons had a small BTC market capitalization, so it was easy for SM to take profits without needing too much liquidity to exit the cycle.

This season has the participation of ETFs, Blackrock, the United States, and many countries, so taking profits now requires a huge amount of liquidity.

The battlefield now is a battle of organizations, while liquidity from retail is like toothpicks. So in the coming time, don't be fooled by posts from organizations A, B, and C raising billions of dollars to buy BTC and feel bullish. That could actually be liquidity for larger whales to take profits.

Smart money is indeed smart money, but there are smarter big players.