The bull market always ends suddenly amidst the frenzy, and behind this is actually a silent harvesting. The market is now showing clear signals: gold, US stocks, Bitcoin, and other assets have seen astonishing gains this year, and institutions have already made a fortune, while retail investors continue to flood in.

History repeats itself — whether it's the 312 or 519 crashes, or the two peaks of Bitcoin in 2021 followed by a collapse, all tell us the same rule: the market is like a water pool that needs time to fill up. When retail investors are attracted by the soaring prices and fill the pool, institutions then release the water all at once at the peak, causing the pool to dry up instantly. And the next time it fills up, it requires a long wait.

What’s more brutal is that altcoins are merely props in this game. Institutions do not care which altcoin can survive; they only care about how to use them to attract retail investors to take over. In the current market, institutions have completed their targets and are preparing to exit, while the liquidity of altcoins is decreasing, and during a crash, they might go to zero directly. Retail investors are still looking forward to the "altcoin season," but funds will not flow evenly into every corner.

Remember, when all assets are soaring wildly, it is often a signal to leave. Institutions know when to pull back, while retail investors always fantasize about taking the last sip of soup. Filling the market with water takes time, but emptying the pool often only requires one night. #鲍威尔发言