The price trend of Bitcoin shows tremendous uncertainty, with an upward potential reaching $118,000, but the risk of a fall cannot be ignored. The current bull run is significantly different from the situation in 2021, with the main characteristic being a substantial decrease in retail participation.

The trading volume has significantly decreased compared to previous years, even falling to less than half of that in 2021, yet prices are rising. This phenomenon indicates that the dominant force in the current market has shifted from retail investors to institutional investors. Institutional investors often operate with a profit-oriented behavior pattern, and they may leverage their information advantage to profit in the market.

Currently, there are some potential risk factors in the market. There may be insider information regarding no interest rate cuts in September, or more significant news waiting to be announced, all of which could impact the market. The prices of BNB and Ethereum may be overvalued, with a large amount of chips still held by institutions. The slow drop in the prices of these tokens, rather than a crash, may indicate that institutions are waiting for retail investors to enter and buy at the bottom.

Investors should be cautious about the current market situation and closely monitor significant information and policy changes that may affect the market. When making investment decisions, it is essential to comprehensively consider market risks and avoid blindly following trends. At the same time, it is crucial to recognize the dominant position of institutional investors in the current market and to rationally analyze the strategies and actions they may take.