In SpaceX's IPO documents, there are 18712 big cakes lying quietly. $1.29 billion, put by Musk. In the same week, IG spread encrypted trading throughout Europe, and the Federal Reserve finally agreed to open main accounts for cryptocurrency companies. On the news front, the footsteps of institutions have never stopped. But what about the price? The pancake is in an awkward position, unable to bounce or smash. ETF funds are retreating, while Coinbase buying is shrinking. I once went bottom fishing, and the logic was that 'institutions are entering the market and will not fall too deeply'. The result was a drop to my stop loss. Later I figured it out. The money from institutions comes in year by year, not from a single bullish trend. There is a huge time difference between news and prices. Seeing SpaceX holding more coins is like betting against time. You bet that the market should rise today, but institutions don't care about it at all. Now IG has entered, SpaceX has publicly disclosed its holdings, and the Fed has relaxed its stance. These things won't make the pancake rise to 100000 tomorrow. But who will still be on the table three years later, it depends on today's events.