Bitcoin's new high hasn't caused much of a reaction. Some people mockingly say it's the teachers shorting it. There are certainly some, but is everyone shorting? And it hasn't risen by much, so shorting wouldn't lose much money either.

No one is speaking, mainly for two reasons:

1. Retail investors don't have much stake; they only have a little to invest, so buying Bitcoin doesn't mean much. 50X Bitcoin might be a different story. Looking at the trading volume of BTC and ETH on Binance, the spot and futures trading volume of ETH both exceed that of BTC. Even with 50X leverage, retail investors aren't trading Bitcoin anymore because the volatility is too low.

2. This industry has been around for over 20 years. As the industry has matured, it has led to a significant decline in the average returns. Since the cryptocurrency world has gradually become institutionalized and legalized, the influx of old money has drastically lowered the market's average returns. Previously, excess returns in the crypto space came from being illegal and unrecognized, but now even stablecoins have turned into digital dollars.

With the absence of excess returns, retail investors with little capital can no longer experience the thrill of the crypto world where one day feels like a year in the human world.

The past slogans, 'Buy the dip and hold', 'Hold for a hundred times, a villa by the sea', 'Hold, you lack vision', 'The team is working hard', how long has it been since anyone heard them?

With the entry of institutions, the average return in this circle will continue to decline until it is on par with traditional finance.

As a casino, I have never said this circle would die, but rather that the disappearance of dividends => disappearance of opportunities => retail investors with little capital no longer have a chance to change their fate a hundredfold, evolving step by step. 😅😅😅