Bitcoin reached a new high, but there wasn't much of a reaction. Some mockingly say it's the teachers shorting it; there may be some, but is everyone shorting?

Moreover, it hasn't increased by much, so shorting wouldn't lose much money either.

No one is speaking, mainly for two reasons:

1. Retail investors don't have much capital; they only have a little bit to invest, so buying a large amount doesn't hold much significance. Even 50X on a large amount is still reasonable.

From the trading volume of BTC and ETH on Binance, the spot and contract trading volume of ETH has surpassed BTC. Even for 50X, retail investors are no longer trading large amounts because the volatility is too low.

2. This industry has been around for over 20 years. As the industry has matured, it has led to a significant decline in average returns. Since the cryptocurrency market has slowly become institutionalized and legalized, traditional money has entered the market, greatly reducing the average returns.

Previously, the excessive returns in the cryptocurrency market came from being illegal and unrecognized, but now even stablecoins have turned into digital dollars. Without excessive returns, retail investors with small amounts of capital can no longer experience the thrill of making a fortune in a day in the crypto world.

"I only have a few thousand or tens of thousands in capital; even if it goes up by ten percent, I might only make a few hundred or thousand. What's there to be excited about?"

Once popular slogans like, "Buy the dip and hold," "Hold for a hundred times return, a villa by the sea," "Hold, you lack vision," and "The team is working hard"—how long has it been since you've heard them?

With the entry of institutions, the average returns in this circle will continue to decline until they are roughly on par with traditional finance.

As a casino, this circle will naturally not die; rather, it will evolve step by step: institutional entry => disappearance of dividends => legalization => disappearance of opportunities => retail investors with little capital will no longer have the chance to change their fate a hundred times. 😅😅😅