Retail investors hold a few coins in their hands. Every time Bitcoin experiences a major drop, people say it’s due to market panic, but those who truly understand the market know: it’s always the result of collusion between the whales and the exchanges. They first push the price down to unbearable levels, causing retail investors to panic and exit, then quietly accumulate at the bottom. If you look at on-chain data, the big players never leave from start to finish; the only ones leaving are the small players scared off by emotions. #比特币行情观察