It is said that retail investors should follow the trend. Previously, the criteria for judging the trend were large VC investment and popular tracks. The logic was that VC invested so much money and they had industry resources, so they must make a good market, and the price of the currency must be raised before they can ship.

But in fact, in this round of bull market, VC just took advantage of the retail investors' appetite, and they had already increased the valuation in the primary market, and they could just sell it directly after entering the secondary market.

The reason why retail investors don't like VC is that their market-making logic has changed