I saw some data indicating that the proportion of individual investors holding coins is decreasing, while the shares of institutions and ETFs are increasing.

The US government has reduced 9,177 coins $BTC , and retail investors' confidence is also waning.

This trend makes me think of one thing: when retail investors panic and flee, it's often institutions quietly accumulating.

BlackRock's iShares added 210,000 BTC in a year, and Strategy also added 220,000.

Of course, they are not fools. They gradually build positions when retail investors are panicking.

Could this be another classic case of “retail investors getting shaken out, institutions bottoming out”?

During the transition from bull to bear markets, the most painful for us retail investors 😭.

Watching losses and not daring to add positions, seeing sideways movement and not daring to hold, eventually cutting losses and exiting.

By the time the market truly recovers, the chips are already in the hands of institutions.