Recently, the Bitcoin market has shown a unique trend, with the upper limit expected to reach 118,000, but the downside risk cannot be ignored. It is worth noting that the current bull run is significantly different from the situation in 2021.

The trading volume has significantly decreased compared to previous years, even dropping to less than half of that in 2021, yet prices are climbing. This phenomenon indicates that retail participation has clearly diminished, while institutional investors are dominating this round of bull run.

Institutional investors are profit-driven, and their behavioral patterns may have a significant impact on the market. Currently, there are signs that they may possess some insider information, such as the possibility that interest rates may not be cut in September, or that more significant news is about to be announced, all of which could lead to substantial market fluctuations.

The prices of BNB and Ethereum currently seem to be overvalued, primarily because a large amount of chips are still held by institutions. These cryptocurrencies continue to experience slight declines but have not shown signs of a crash, possibly because institutions are waiting for retail investors to come in and buy at the bottom.

For investors, it is important to remain vigilant in the current market conditions and closely monitor market trends and potential significant news. At the same time, it is essential to recognize that the strategies of institutional investors may have a significant impact on the market. When making investment decisions, one should consider various factors comprehensively, rather than solely relying on price trends.