3.5-Bit Tiger Diary: Retail investors aggressively increase leverage, Wall Street quietly retreats Brothers, these two position charts have uncovered the truth behind the 74K rebound. Data speaks, but one must understand the way: The above picture (exchange holdings): As the price rises, the green holdings column also rises sharply. What is this? This is FOMO for retail investors who see a rebound, crazily opening 20 times and 50 times leverage to chase higher, afraid of missing the "bull return speed". The following chart (CME holdings): Despite the price increase, the holdings are actually deviating and decreasing. Old money on Wall Street is taking advantage of this rebound to quietly reduce its holdings and leave the market. Who is the real director? CME is not an ordinary exchange, it is the main battlefield of Wall Street institutions, holding the true pricing power of BTC. When retail investors use high leverage to bet on "this time is different" on the exchange, the real smart money is already pressing the sell button. Do you think it's the retail investors at the top of the exchange who decide the overall direction, or the Wall Street foxes like CME who control trillions of dollars? History always carries the same rhyme: At the end of each market trend, there is always a divergence - retail investors increase leverage and charge forward, while institutions calmly retreat. The script is the same for April 2021 and March 2024. The trader's clarity: I won't follow these people to gamble on the continuity of the rebound. The signals of 74K hitting the top and falling back, and CME's holdings deviating, are already clear enough. Continue to observe, the real hitting zone is still waiting at 35K-50K. When retail investors use high leverage to buy from institutions, what we need to do is stand outside the market and count how many people are going to sell out this time. The market never lacks market players, but I don't want to be one of them. Bitcoin, BTC, CME deviate from retail leverage, Wall Street reduces holdings, Bitcoin Tiger Diary