There is basically no new blood in this bull market. Most of them are old people left over from the last bull market. These old people are those who missed the opportunity in the last bull market and did not hold on or are short-term players. So from the beginning, they summed up the experience of the last bull market and bought for the long term. But the reality did not match their expectations. It seems that the market anticipated all this in advance and slapped the faces of most long-term players.