#数字货币市场回调 During the period from the end of last year to November this year, the actions of professional players and hedge funds were very clear - to run.

They continue to sell Bitcoin and reduce their positions. Guess who is buying?

Retail investors. As soon as the price drops, they rush in to buy the dip, becoming the ultimate bag holders.

The institutions have actually been quite shrewd this time: they withdrew before the monetary policy tightened and sold at a high position; as for the retail investors? It's a typical mentality of buying more as prices drop. Every time the institutions sell off, they rush in to buy, and while they are indeed buying at low points, they are buying at low points.

However, the trend has changed a bit recently.

Retail investors' buying enthusiasm has clearly cooled down, and the curve has started to flatten, indicating they are beginning to waver. On the contrary, institutional investors are quietly starting to enter the market, with some large players testing the waters for positions at the bottom, and hedge funds are also cautiously building their positions.

The entire market is now stuck at a very delicate point - retail investors are lacking momentum, while professional funds are starting to flow back in. Next, it depends on who can be patient and who can seize the rebound window.

Do you think this round will be driven by institutions taking the lead, or will retail investors continue to hold on?