The reasons why many people are now empty-headed are as follows:

1. Many big Vs and institutions in the market call for a big bull market in 2025.

2. Most people have been holding small positions, or even waiting for short positions.

3. Most people firmly believe that the start of a bull market requires a sharp decline. Bitcoin will fall by at least 30%, and copycats will fall by about 50%.

4. Off-market funds have not yet entered the market and cannot reach the baseline of a bull market.

5. Most people do not understand technology and cannot understand market trends.