Recently, after going through all the major communities, a painful phenomenon has become increasingly obvious: retail investors are disappearing at an accelerated rate.

It's not that people are leaving, but their voices have vanished. Those old buddies who used to analyze the market daily and go all-in with passion have either become deeply trapped in losing positions and chosen to lie flat, or have lost all their principal and quietly exited. Now, the ones active in the market are either institutions battling each other or KOLs performing their signal-calling shows. This eerie silence makes one ponder: if the next bull market really arrives, who will be the buyers?

Here’s a counterintuitive observation: historically, large-scale exit of retail investors often corresponds to the market bottom. When everyone feels there’s no hope, the turning point might already be on its way. Looking at institutional dominance, the US stock market has been down this path for a long time—after becoming highly institutionalized, it can still sustain long-term bull markets, with the core being liquidity and fundamental support.

It’s the same for the crypto market. Don’t forget this industry’s biggest feature: it never lacks new stories. Last round it was DeFi and NFTs; next round it might be RWA, DePIN, or some new sector that hasn’t emerged yet. By then, a new wave of participants will naturally flood in, and the cycle continues.

But the reality is also harsh. An institution-dominated market means higher professional barriers and more intense volatility. They are experts at leverage and derivatives, and their targeted strategies to liquidate retail positions will only get more ruthless. The survival environment is indeed worsening.

Back to the age-old question: in trading, which is more important—skills or mindset?

The answer is clear—without the right mindset, even the best skills are useless. Bull markets are a contest of skills and execution, bear markets test your mindset and money management. At this stage, surviving is more important than how much you make. Preserve your ammunition, stay clear-headed, and be patient; when the next opportunity arises, you need to make sure you’re still at the table.

Cycles won’t disappear, nor will retail investors die out completely—it’s just a constant process of renewal. The question is: how do we become the ones who survive until the end?