In a bear market, retail investors often do not actually incur losses—because most people do not enter the market at all.

However, in a bull market, it is the retail investors who end up losing money. The reason is that they are accustomed to pyramid-style averaging down: investing 10,000 yuan when ETH is at 3,000 points, and when it rises to 3,500 points, they feel bullish and increase their investment to 50,000 yuan; when it hits 4,000 points, they are even more excited and suddenly increase their investment to 200,000 yuan. As a result, when the market pulls back from 4,000 points to 3,500 points, they see a significant loss on their account.