Recently, Bitcoin broke through $120,000, and Ethereum reached a high of $4,700, making the market appear prosperous on the surface. However, a closer look reveals that this round of increase is fundamentally different from previous bull runs.

The current market situation resembles a feast dominated by institutions rather than a carnival involving a wide range of retail investors. In September of last year, Bitcoin was over $60,000, and Ethereum was around $2,600. According to the usual logic, such significant price increases should trigger a frenzy across the entire cryptocurrency market. However, the reality is that small coins have been continuously declining, and the market atmosphere is exceptionally quiet.

Looking back at the last bull run, we saw a massive influx of retail investors, with funds continuously pouring in, and the prices of various emerging tokens skyrocketing, creating a wealth effect throughout the market. This time, however, the myth of hundredfold returns is almost extinct, and achieving threefold returns is already considered quite a good performance.

The current market is mainly supported by institutional funds, on-chain activities are quiet, and the small-cap market is bleak. There are very few new investors, and existing funds are also hesitant to leave the market, resulting in a peculiar state of balance. Bitcoin has reached new highs, and Ethereum has broken through important levels, yet this has not sparked widespread excitement in the market, a phenomenon that would have been unimaginable during past bull runs.

It is worth noting that the liquidity of Bitcoin is declining, the influence of miners is being weakened, and the market is almost completely controlled by large institutions. With a lack of small altcoin market activity and a general wealth effect, this market seems to have lost its former vitality.

Therefore, we should not be deceived by superficial numbers. The current market situation resembles a game between institutions rather than a true bull run. A real bull run should involve active participation from ordinary investors, with the market being vibrant and full of opportunities.

For ordinary investors, it is more important to remain rational and cautious in such a market environment than to blindly chase after gains. At the same time, closely monitoring market changes and waiting for real opportunities to arise is also a wise choice.