Recent thoughts: Market repricing leads to adjustments in institutional positions, and this becomes the biggest driving force behind K-line movements in non-bullish scenarios. ———————— Not clear enough? Let me give an example: Imagine an institution currently holds a short position of 90,000. When the Fed signals a higher probability of rate cuts in December, better economic data, or improved liquidity, the institution will quickly close out its 90,000 short position and open upward risk exposure. Institutional adjustments directly result in a large number of closed positions in the market (institutional positions are usually significant), which creates a direct counterforce on the market. This is how 'Institutions influence market volatility.'