$BTC The market is quiet, possibly for the following reasons:
1. Low retail participation: Retail investors have limited funds, and with small fluctuations in BTC, its attractiveness has decreased. According to Binance data, the trading volume of ETH spot and contracts has surpassed that of BTC; even with 50x leverage, retail investors prefer assets with larger volatility.
2. Declining 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 were due to the immaturity of the market; now, with institutional funds entering, stablecoins are even approaching a 'digital dollar,' resulting in a significant decrease in average market yields.