Last time I mentioned that retail investor participation in this cycle is extremely low, and we're seeing some data reflecting this: 1. Google Trends' global search popularity for "Bitcoin" was only 20 (out of 100) for the week of October 18-24, a near 5-year low, while Bitcoin is still above $80,000; 2. Robinhood's Q3 crypto trading revenue was $120 million, a 55% year-over-year decrease, and crypto trading volume within the app dropped by 48%, to only $21 billion; 3. In the same quarter, Robinhood's US stock trading volume hit a new high of $992 billion (+53%), and prediction market revenue more than sixfold, reaching $173 million. The head of research at REX Financial put it more directly: prediction markets have become a second outlet for the same group of active traders. If we believe we are still in a bull market, it's clear that value investors and institutions are the main drivers of this cycle. BTC HOOD