Is there such a feeling: holding Bitcoin and cycling daily between "morning session full of vitality, evening session feeling hopeless"? The K-line chart shows quite a bit of turbulence, as if a major event is about to happen. But looking at a longer cycle, from the beginning of the year until now, not only has there been no improvement, but it has actually fallen by 5 points, even lagging behind bank wealth management products. The most heartbreaking part isn't the decline itself, but the "posture" of the fall — the previous kind of decisive, dam-breaking crash was at least swift; now, it's like an old lady descending stairs, grinding down step by step, gradually wearing out people's patience.

As someone who has been watching the crypto market for eight years, I want to say something honest: BTC hasn't become "timid," what has changed is the market’s own gameplay. The era when retail investors cheered wildly and opportunities were everywhere is slowly coming to an end. A new era, quietly dominated by institutional capital, has already arrived.

Let me share a "secret" for judging market sentiment: the turnover rate indicator is more useful than looking at K-line charts. Think back—who was steering the crypto market back then? It was us, the group of reckless retail investors, plus a bunch of trading funds chasing gains and cutting losses. At that time, the market was like a bustling vegetable market — noisy with people shouting about buy and sell orders as if on steroids. The turnover rate was alarmingly high; buying today and selling tomorrow was standard practice. The benefit of this? Liquidity was super abundant. Even if someone placed a huge sell order, there would immediately be a bottom-fisher to scoop it up. The decline could be rapid, and the rebound just as fierce — it was just one word: "awesome."

But now, the situation is completely reversed. Institutional funds are pouring in more and more, becoming the stabilizing force of the market. Some say that institutional entry is a good thing, that the market will become more stable. On the surface, that sounds fine, but upon closer reflection…