The capital structure at the end of each bull market is different. A bull market starts with a small group of believers, followed by a few project owners trying to attract attention, and then more and more retail investors rush in, followed by whales and institutions from all over the world.

The new narrative of this bull market is that traditional stock market funds begin to enter the cryptocurrency circle through ETFs. This bull market has basically nothing to do with projects and infrastructure in the circle. At this stage, it is just a battle for chips between different institutions. Recently, even pension funds from several states in the United States have entered, so you know that this time it will definitely not be that simple.

Don't worry about insufficient liquidity in the market, and retail investors have no money. We don't need to and cannot know the specific source of funds. As long as the dealer has chips in his hands, he will find reasons to pull the market to make money. If you understand this, you will basically know what to do now.