Recently, I looked at data from Santiment and noticed an interesting phenomenon. After this wave of market rally, retail investors are frantically selling ETH, with over 1,700 coins flowing out in just two days, which is worth over four million USD. It seems that small investors are really scared, all thinking this is a bull trap.

But this actually reflects an interesting market psychology. The more bearish everyone is, the more it indicates that the consensus on the bottom isn’t strong enough. Santiment’s view is that this widespread expectation of a "bull trap" might actually lay the foundation for the market to continue rising. In other words, when retail investors are fleeing while institutions are still accumulating, this misalignment could propel the bull market forward.

Looking at the 17% increase since the end of March, the current correction and sell-off seem more like a buildup of strength. True bull markets often quietly start when everyone is at their most pessimistic.