#机构投资者进入加密市场 During these last few days of the year, observing the market fluctuations, I want to share an observation.

Institutional investors are gradually exiting before the year-end holidays, which is a normal market rhythm. Tom Lee mentioned that during this period, the market is mainly driven by quantitative algorithms and tax-loss harvesting, and the temporary absence of institutions makes the market appear more fragile. Coupled with the evaporation of a total market cap of $1 trillion over the past few months, this year's gains have almost been completely wiped out, which is indeed somewhat heavy.

But this is also the moment I want to remind everyone—it's during such market pullbacks that we need to adhere most to the principles of position management. High leverage often causes the deepest wounds at critical turning points in history, just like the $19 billion liquidation in October.

It’s worth noting that industry opinions on the long-term outlook remain optimistic. Leaders from BlackRock and Coinbase have stated that institutional funds are still flowing in, and cryptocurrencies are moving toward mainstream finance. This is not something that "pro-crypto" policies can determine, but an inevitable process of market maturation.

So my thought is, there's no need to over-worry about short-term pullbacks, nor should we chase highs or increase leverage during such periods. Stay clear-headed, manage risks well, and let time validate your choices—that's what prudent investors should do at the end of the year.