The real dominant force in the crypto market is actually the will of institutions and publicly listed companies.

BlackRock went on a buying spree for ETH last week, with a net inflow of up to 1.76 billion USD; companies like sbet and bmnr are also cashing out through stock issuance, using the money to continue increasing their holdings of ETH. At this rate, even if they exhaust a 5 billion quota, it’s highly likely they will continue to issue more shares and keep buying.

Retail investors have a limited amount of capital, which isn't much compared to institutions, but when it comes to the influence of shorting or going long, it's actually quite difficult to shake the steps of institutions. After all, for them, the money used to buy ETH may not even be their own capital. Since there is such operational space, why not keep deploying more capital?