Bitcoin reached a new high of $BNB , but the market reaction is subdued, with some joking that it is the 'teachers' who are shorting. Are they really shorting? The increase is only a few points, and the losses from shorting are also limited.

The market is quiet, possibly for the following reasons:

1. Low participation of retail investors: Retail investors have limited funds, BTC fluctuations are small, and attractiveness has decreased. According to Binance data, the trading volume of ETH spot and futures has exceeded that of BTC, even with 50x leverage, retail investors prefer assets with larger fluctuations.

2. Declining industry yields: The crypto industry has developed for over 20 years, and the process of institutionalization and legalization has accelerated. The past high returns were due to the immaturity of the market, but now institutional capital is entering, and stablecoins are even approaching 'digital dollars', significantly reducing the average market returns.