The phenomenon of chasing gains and selling off on dips is becoming more and more obvious. When BTC broke below $90,000, it was a perfect illustration—on Monday and Tuesday, spot ETF institutions were still increasing their positions, but suddenly they turned to selling. Major institutions like BlackRock, Fidelity, and Grayscale all placed four-figure sell orders. Traditional investors are not doing much better either; they rush in when prices rise and turn around and run when prices fall.

To be honest, liquidity in this market is still sufficient during this cycle, but the issue is that participation from new funds is quite cautious. Institutions have long been accustomed to a volatile rhythm, while genuine incremental capital is actually on the sidelines. This short-term phenomenon may continue for a while, as volatility itself is a normal part of the market.