How long has the crypto market been tormenting retail investors? Since entering 2026, the major market, led by Bitcoin, has basically been locked in a relatively narrow range (fluctuating roughly between $60,000 - $79,000). Throughout the first half of 2026, the market has shown almost no substantial directional movement. Looking back at 2025, aside from some localized trends (like certain altcoins or specific meme narratives) and the surge-and-pullback in the second half of the year, the overall profitability of 2025 fell far short of the expectations set during the early 2024 bull market. Additionally, the sharp correction at the end of 2025 trapped a large amount of retail and institutional funds or forced them to exit the market. The introduction of ETFs has actually made it harder for the crypto market to rally. Due to the significant amount of institutional and corporate funds trapped at the 2025 highs, any market rebound now faces selling pressure from these entities trying to break even. How much longer will this cycle continue? Currently, mainstream institutions believe that this choppy, stable market will persist until mid-2026 (around June or July). In the second half of the year, with the finalization of key regulatory legislation (such as U.S. laws clarifying stablecoins and market structure), along with improved global macro liquidity in Q3 and Q4 and the re-inflation expectations triggered by Treasury debt maturities, there’s a chance that funds will once again inject momentum into crypto assets. If there’s no market movement, major players may still try to maintain interest by pumping one or two highly controlled sectors, creating a false bull market to lure impatient retail investors into chasing the highs, only to quickly cash out. Until there’s a clear signal, retail investors still need to focus on surviving.