The most ironic thing happening in the current cryptocurrency industry is: You thought we were playing the most exciting game in the world, only to find out that the volatility of gold, AI stocks, and even storage chips is now higher than that of Crypto. Just now, I reviewed the views of the Dragonfly partner interviewed by DeepTide, and found several heart wrenching truths, each of which is worth reflecting on. one ️⃣ Retail investors have completely left, leaving behind the remnants of the 'thermonuclear reaction'. Since October last year, 10/10 of the losses in this market have been incurred by individual investors. At present, market participation is extremely low, and most people hold counterfeit coins that are seen by institutions as ashes that have already undergone thermonuclear reactions. Don't expect retail investors to charge collectively like they did in 2021, they haven't recovered yet. two ️⃣ Institutions are no longer mere "market players", but rather "floors". Why didn't Bitcoin plummet 80% like before this time? Because institutional funds in ETFs have become a buffer against market volatility. They are the last buyers and also the current market for flooring. Conclusion: Although institutions have supported the bottom, they have also 'smoothed' the fluctuations. three ️⃣ The cryptocurrency market urgently needs to regain its "high volatility" position. Retail investors come here to seek doubling, not stability. If the volatility continues to be lower than that of AI giants in the US stock market, the money will flow to Nasdaq. The next breakthrough point is not the technological upgrade of Bitcoin, but how to recreate the "wealth effect" that makes retail investors' hearts race. My thoughts: It's not yet Niu Hui, it's just institutions playing the game of "financialization". I suggest everyone shift their focus away from those old-fashioned knockoffs and focus on narratives that can truly bring new traffic and fluctuations (such as the AI Agent in the TON ecosystem, which had a big move last night).