ChainCatcher news, according to Bloomberg, cryptocurrency trading automation platform CoinPanel trading expert Kirill Kretov warns investors to be particularly cautious in the current environment: the market remains fragile and is easily manipulated. Retail activity is sluggish, trading volume is thin, and even so-called smart money is watching from the sidelines. The real forces capable of driving the market are choosing to stay put, which is no coincidence.Kirill Kretov believes that long-term Bitcoin holders, who have endured previous cycles, are still holding their positions, waiting for a higher exit price. This "reluctance to sell" behavior creates selling pressure in the market, exacerbating price volatility. Although the volatility may flush out over-leveraged 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; they may lure impatient bulls into the market, only to face a sharp reversal—this is a typical bull market trap in a low liquidity environment.