According to Bloomberg, Kirill Kretov, a trading expert at cryptocurrency trading automation platform CoinPanel, warns investors to be extra cautious in the current environment: the market remains fragile and highly susceptible to manipulation. Retail active levels are low, trading volumes are thin, and even so-called smart money is on the sidelines. It is no accident that the forces that really have the power to move the market choose to stay put. Kirill Kretov believes that long-term bitcoin holders who have gone through previous cycles are still holding their positions and waiting for a higher exit price, which creates market selling pressure and increases the vulnerability to price volatility. Although volatility can wash away over-held retail investors, he points out that only a "complete liquidation" of long-term holders forced to sell can create a "pure stage" for large investors to build new positions. Until then, any rally is fraught with the danger of luring impatient bulls into the market, followed by a sharp reversal - a classic bull trap in a low-liquidity environment.