Institutions are now all on the sidelines. Remember that wave on October 11th? The way they behaved was really not very pretty. The big retail investors were completely washed out at that time, and capital started to loosen its grip gradually. It’s completely different from the scene earlier this year when funds flooded in and competed to push prices higher.

The dog whales are now cutting leeks at an absurdly fast pace—daily margin calls and liquidations, with no overnight holds. Basically, it’s just one wave of诱多 (诱多: enticing more) and杀 (killing), repeating over and over, to the point where they’re even too lazy to hide it anymore. Before, they could hold out for two days before a liquidation wave hit; now? They just do it openly.

The dream used to be turning $100,000 into $1 million, but now most people’s goal has shifted from making money to just breaking even. I’m not joking; the psychological gap is that huge.

2025 still has time, and I hope the days ahead will turn around. Maybe next year, we’ll see something different.

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