For example, there are 100 retail investors. In May 2022, the LUNA crash wiped out 50%, leaving 50. In November 2022, the FTX crash wiped out another 50%, leaving 25. From 2023 to 2025, another 50% were wiped out, leaving 13. On 10.11, another 50% were wiped out, leaving 7. The bear market continues to wipe out 50%, leaving 3. Most people can't participate with funds (but can participate with words) in the next cycle.