Recently, there is an observation about the crypto market worth discussing. In the $BTC market, we see some interesting phenomena.

First, on the user side. The crypto world experiences a major reshuffle every few years. On the surface, it appears to be a cycle of rotation, but in reality, most participants do not leave after making enough profit; instead, they are repeatedly educated by the market and exit quietly. What does this reflect? It indicates the instability of the market participant structure.

Next, let's look at the evolution of trading patterns. Since high-leverage contract products have become widespread, the nature of the entire ecosystem has changed—from investment to pure gambling. The logic of casinos is brutal; there are no eternal winners. As long as you are trading with high leverage, liquidation is often an inevitable outcome. The survival logic of smaller platforms is quite simple and crude: continuously attracting new users and maintaining operations through customer losses.

In contrast, those who have been rooted in the crypto space for many years share a common understanding—do not overly rely on exchanges; hold your private keys, and assets truly belong to you.

An interesting phenomenon is that major Wall Street institutions are heavily entering the market to accumulate positions. Once they are full, the real market trend will begin to unfold. According to this logic, $120,000 might be the true starting line of this bull market.