Bitcoin has reached a new high of #现货与合约策略 #现货与合约策略 , but the market response is tepid, with some joking that the 'teachers' are shorting. Are they really shorting? The increase is only a few points, and the losses from shorting are also limited.

The market is quiet, possibly for the following reasons:

1. Low retail participation: Retail investors have limited funds, BTC's fluctuations are small, and its appeal has decreased. According to Binance data, ETH's spot and futures trading volume has exceeded that of BTC, even with 50x leverage, retail investors prefer assets with larger fluctuations.

2. Decreasing industry yields: The crypto industry has developed for over 20 years, and the process of institutionalization and legalization has accelerated. The high returns of the past came from the market's immaturity, but with institutional funds entering, stablecoins are even approaching 'digital dollars,' resulting in a significant decrease in average market yields.

With fewer retail funds, a 10% increase only brings a few hundred yuan in profit, making it difficult to spark enthusiasm. The former slogans such as 'buy the dip and hold,' 'hundredfold coins, villas by the sea,' have gradually disappeared.

As institutions continue to enter the market, the market dividends are gradually decreasing, and yields may further trend towards traditional financial levels. The opportunities for retail investors to achieve a 'hundredfold change in fate' with small amounts of capital are becoming increasingly rare.