On Thursday, BTC hovered around the $90,000 mark, and the rally seemed lackluster. As a result, many retail investors chose to take profits and stay on the sidelines. Ironically, those big institutions—players like BlackRock and Fidelity—were leading the sell-off at this critical juncture. What's more interesting is that every time the market starts to move, it's these institutions that buy the most aggressively.

This is the true picture of the cryptocurrency market: rushing in frantically when prices rise, and collectively fleeing at the slightest pullback. Although institutional investors have large capital and obvious actions, their behavioral logic isn't much different from retail investors—they're all chasing price signals and betting on short-term gains. The problem is, when these big players adjust their positions simultaneously, market volatility is amplified, and retail investors often end up as the last bagholders. This cycle of chasing gains and selling in panic has become an inescapable pattern in crypto asset trading.