According to Bloomberg, as reported by ChainCatcher, cryptocurrency trading automation platform CoinPanel trading expert Kirill Kretov warns investors to be extremely cautious in the current environment: the market remains fragile and easily manipulated. Retail investor activity is low, trading volume is thin, and even so-called smart money is waiting on the sidelines. The forces truly capable of driving the market have chosen to remain inactive, and this is no coincidence.

Kirill Kretov believes that long-term Bitcoin holders who have experienced previous market cycles are still holding their positions, waiting for higher exit prices. This "reluctance to sell" creates selling pressure and exacerbates price volatility. Although volatility may wash out over-positioned retail investors, he points out that only a "complete clearance" where long-term holders are forced to sell can create a "clean stage" for large investors to establish new positions.

Before that, any rebound is fraught with danger, potentially luring impatient bulls into the market, only to subsequently experience a violent reversal - a typical bull market trap in a low-liquidity environment.