The speculative nature of the Bitcoin market remains fundamentally unchanged, regardless of the participation of politicians or major institutions. On the contrary, what we see is a financial bubble that continuously heightens risk. The characteristics of this speculative market are periodic severe fluctuations, with panic-inducing crashes occurring every once in a while.

It is worth noting that the liquidity of the exchange mainly comes from contract trading. If market prices continue to rise, most retail investors may choose to go long. In this case, the exchange may face the risk of losses or even bankruptcy.

This phenomenon reflects the complex game of chess between institutions and retail investors in the Bitcoin market. On one hand, large institutions and investors may try to push the market up, while on the other hand, exchanges need to balance their own interests with market stability.

For investors, it is important to recognize the high-risk nature of the Bitcoin market and to participate cautiously. At the same time, attention should also be paid to the driving forces behind the market, including institutional behavior, regulatory changes, and technological developments, in order to make more informed investment decisions.