Looking back at May 19, 2021, the Bitcoin market experienced a thrilling big dump, with the price plummeting from $60,000 to $30,000. This whipsaw lasted for about four and a half months, only ending in October. The market fluctuation at that time was more than a hundred times greater than the current situation.

Taking Polkadot (DOT) as an example, its price fluctuated significantly between 40 dollars and 10 dollars, and then rose again to 50 dollars, demonstrating extremely high fluctuation.

In contrast, the current market adjustment period has lasted for about 45 days. If market manipulators continue to exert pressure, this round of Whipsaw may extend to the 15th to 19th of next month. However, overly aggressive market cleaning may lead to retail investors exiting, making future market manipulation more difficult.

It is worth noting that market leaders may have to turn to institutional investors, as there are very few chips left in the hands of ordinary investors. We can observe that the frequency of harvesting retail investors has clearly increased recently. This contrasts sharply with the past — large-scale adjustments used to take years to recover, while now there are small fluctuations every week and a larger-scale market adjustment once a month.

This frequent market fluctuation reflects the rapid development and increasing maturity of the cryptocurrency market. Investors need to adapt to this new normal and develop more flexible investment strategies to cope with the frequent changes in the market. At the same time, this also highlights the importance of risk management, and investors should be more cautious and well-prepared to deal with potential market fluctuations.