In every bull market, it seems like retail investors are rushing in, but what actually drives the market is always the institutions.

I used to naively think that memes were created by retail investors jumping in, but after getting more exposure, I realized that minutes after a project is launched, institutional money is already involved. They position themselves in advance, wait for retail investors to take over, and then quietly offload their holdings, as if it was a rehearsed script.

So when I see something trending now, my first reaction is not to rush in, but to think about who ignited the trend first. A bull market has never been driven by emotions; it is propelled by funds behind the scenes. Emotions are just used to facilitate the offloading.