#夏日创作营 For 60 consecutive days, it has been trading at a negative premium. In the past, this situation would likely have broken the market a long time ago.

But this time, Bitcoin hasn’t seen a sharp drop. Recently, some people have been selling in the market, yet there have always been buyers picking it up.

The real question is: who has the capacity to absorb all these sell orders for 60 straight days?

Without enough strong follow-through capital, the price couldn’t hold up until now.

I think this is the biggest change in this market cycle.

Market pricing power is gradually shifting from retail traders to institutions.

Previously, retail sentiment determined the upside and downside.

Now it’s increasingly like traditional financial markets—retail is selling, and institutions are stepping in to take the bids.