The market observations of retail investors and institutions are actually stories from two different dimensions.

The hype around BTC reaching 100,000 is overwhelming, with countless on-chain Dogecoin projects emerging, and many people eager to jump in. On the surface, it seems that only a 6% increase is needed to reach the target, and ETF inflows are continuously pouring in with $1.1 billion, all pointing towards that round number.

But when you look at the data from the options market, the truth becomes different. The support level that determines whether most people can truly make money is actually at 94,000—not 100,000.

What does this mean? It means that the vast majority of retail investors will choose to exit, cash out, or cut losses at this level. For those who truly understand market structure, this threshold is actually the beginning of a breakout. The difference between these two worlds is now vividly revealed.