#机构投资者活动 It's that familiar time of year again. Watching Tom Lee's observations, I feel a ripple in my heart—I've seen this phenomenon too many times over the past decade.

As the year comes to an end, the departure of institutional investors almost becomes a "ritual." Quantitative bots take over the market, frequent tax-loss selling occurs, and retail investors often feel that the market becomes a bit strange at this moment. And this time is no exception—CoinShares data shows continuous outflows, with a total of $3.2 billion withdrawn since October. This reflects not just seasonal patterns but also a true picture of market sentiment.

I recall similar scenes at the end of 2017 and 2021. Every phase of institutional investors' exit leaves a unique "fingerprint" in the market—rising volatility, decreasing liquidity, and prices easily moved by small orders. But the key is that these windows are often the best opportunities to observe the market's true nature. When big players temporarily step back, the remaining trading activity can more clearly tell us where the grassroots' real needs are and where the true support levels lie.

This holiday season feels particularly quiet this year, but the quiet may be brewing the energy for the next cycle. History doesn't repeat, but it often rhymes.