This round of the bull market is really disappointing, and the main fundamental reason is that the Federal Reserve announced a reduction in interest rate cut expectations for 2025. Furthermore, the economy has not been good in recent years, and most retail investors are quite poor, having been drained of their resources. Therefore, there is no money flowing into the cryptocurrency space, and the scale of market manipulators has shrunk accordingly. These manipulators follow the market closely, and their backend data is crystal clear. Without continuous money coming in, they cut positions early. Additionally, as retail investors become more sophisticated and the base of leveraged traders increases, the process naturally becomes more brutal!