Looking at this round of bullish trend, there's a phenomenon worth pondering—Bitcoin and Ethereum are rising, but other coins, even popular ones like PEPE, are only experiencing a volume-constrained rebound with little momentum.

What's even more interesting is the trading volume data. Comparing this year's market with October last year, the current trading volume is embarrassingly low. What does this imply? Essentially, retail investors are hardly involved in this rebound.

Why is this happening? Both possibilities are quite realistic. One is that retail investors have gone through too many rounds of losses, losing their funds and deciding to exit the market. The other is that they are too afraid of being cut again; no matter how much the market is manipulated upward, they won't buy in—once trust is shattered, no matter how strong the rally, it’s all in vain.

So you see, although this market has risen, the participation level is actually shrinking. Institutions are active, retail investors are on the sidelines. How long this situation can last and what the future trend will be, remains to be seen.