Viewpoint: BTC long-term holders are still waiting for higher exit prices and should be wary of the "bull market trap."

ChainCatcher news, according to Bloomberg, cryptocurrency trading automation platform CoinPanel trading expert Kirill Kretov warns investors to be particularly cautious in the current environment: the market remains fragile and is easily manipulated. Retail activity is sluggish, trading volume is thin, and even so-called smart money is watching from the sidelines. The real forces capable of driving the market are choosing to stay put, which is no coincidence.

Kirill Kretov believes that long-term Bitcoin holders, who have endured previous cycles, are still holding their positions, waiting for a higher exit price. This "reluctance to sell" behavior creates selling pressure in the market, exacerbating price volatility. Although the volatility may flush out over-leveraged retail investors, he points out that only a "complete clearance" where long-term holders are forced to sell can create a "clean stage" for large investors to establish new positions.

Before that, any rebound is fraught with danger; they may lure impatient bulls into the market, only to face a sharp reversal—this is a typical bull market trap in a low liquidity environment.