Retail investors only hold a few coins. Every time Bitcoin crashes, people say it's market panic, but those who truly understand the market know: it's always the result of collusion between whales and exchanges. They first push the price down to an unbearable level, causing retail investors to panic and exit, then quietly accumulate at the bottom. If you check on-chain data, you'll see that big funds never leave from start to finish; it's always the small players scared off by emotions who exit. #比特币行情观察