At the final stage of the bull cycle, a classic position redistribution scenario unfolds. Data shows a clear pattern: while retail traders incurred losses of over $1.2 billion due to liquidations, large investors demonstrate an opposite strategy. During this period, $2.3 billion of institutional capital flowed into the Bitcoin ETF, and Galaxy made a significant purchase of SOL worth $486 million.

This contrast between the behavior of volatile participants and strategic buyers vividly illustrates market asymmetry of information. Major players use volatility to accumulate positions, while retail holders, lacking sufficient information and capital resilience, are forced to liquidate their positions.

Thus, each wave of mass liquidations becomes an opportunity for assets to transfer into the hands of players with a longer investment horizon and greater resilience to market fluctuations. BTC and SOL continue to attract substantial capital, indicating a strengthening of institutional participants' positions in the cryptocurrency ecosystem.