There are two very counterintuitive points. First: ETFs are essentially high-speed channels, and they are the biggest short sellers in a bear market. In a bull market, they can push the market upward, but in a bear market, they can more easily and quickly dump shares. ETFs played a significant role in the current decline. Second: Leveraged longs are the biggest short sellers in a bear market. Some institutions leverage long. When the market is good, they buy Bitcoin and Ethereum and leverage their positions, which certainly pushes the market further up. But when the market falls, they become the biggest short sellers, ruthlessly dumping shares. So you see, whether you are a genuine ETF user, an institution, or a retail investor, you are playing a game of who runs the fastest. Whoever runs the fastest survives in the end, not who eats the most. (The last sentence, "Yi Lihua just wanted to take a bigger bite," is a separate, unrelated statement and doesn't need to be translated.) This is essentially the problem.