Most of the funds of institutions are raised through fundraising, and institutions need to be responsible for investors, so most of them are not "Profit from taking risks" So in the current situation where long and short positions are completely unpredictable, institutions will not take the risk of investing in the cryptocurrency market. I would rather step into the air than retreat significantly. Existing coin holding institutions will also allocate a portion of their positions for hedging, that is, to hedge against the downside risk of money. This will create a force in the market that cannot quickly plummet. Because when it falls, market makers will buy chips to balance their Delta holdings. And this only serves to slow down the decline, not a reverse opportunity. Institutions will look in two directions, one is the decline when the black swan arrives, and the other is the cycle of excessive liquidity. The former will receive direct financial assistance, while the latter will have more additional funds. Retail investors should keep pace with institutions instead of making big bets on the market. In the absence of liquidity, the game is not fair, and it may even be better to trade directly on the polymarket. The cryptocurrency market also has fundamental issues (i.e. issues with tokens other than BTC, which will not be elaborated in this article, and will be continuously updated if needed)