How do retail investors lose money in a bull market?

In the early stages of the bull market, Bitcoin rises alone, while altcoins don't follow. When Bitcoin pulls back, altcoins collapse, marking another day of losses for most retail investors.

Retail investors are heavily invested in altcoins, but instead of rising, they decline. Meanwhile, Bitcoin has smoothly risen from $67,000 to $90,000 in just one week. Even if Bitcoin rises to $120,000, that's a 40% increase—just imagine, what has Bitcoin been doing most of the time? Above $120,000, there is very little room for growth, and the difficulty of trading is quite evident. Before they can even get excited, new retail investors from outside the market rush in, only to face another day of being trapped. In a bull market, the trading difficulty remains at 9 stars, and most people ultimately leave the market with losses.