The major players with large funds in the market have not exited yet. They still control the pace during Bitcoin’s continued rise—if the market needs to keep pushing upward, they have to keep driving it. Looking at this upward trend that started from the bottom, both the depth and breadth of capital involvement point to one fact: this is not a retail-level natural movement.

Right now, as assets like tokenized gold are starting to gain attention, the logic behind the main players’ operations has become clearer—pumping the price, locking in participants’ expectations, taking profits, and then pumping again—this cycle is ongoing. As long as there’s market hype and new stories to tell, this rhythm won’t stop.