The following content comes from brother @Ethereum 9k, Coin Master believes this is indeed reasonable, recorded as follows:
A bull market generally goes through three phases.
Bull market phase one, retail investors don't believe in a bull run, they short when the price rises. During this phase, the price increase is mainly driven by institutional funds, supplemented by the liquidation of retail short positions as fuel for the rise.
Bull market phase two, retail investors are finally convinced by the rise and start to tentatively enter the market. At this time, the market continues to rise, and retail investors begin to increase their investments. During this phase, the price increase is mainly driven by institutional funds, supplemented by retail long positions.
Bull market phase three, retail investors have all made money and start to FOMO, thinking that a bigger rise is still ahead. They begin to gather friends and go all-in. At this point, it is a good time for institutions to sell off and take profits, as the huge selling volume requires a massive amount of funds to absorb it. Thus, the bull market ends.
Take a closer look at the comments section and the reactions of group friends; today can be said to be the formal entry into the second phase of the bull market.
In fact, this is a profound insight into market sentiment and the three phases, Coin Master strongly agrees.