On June 11, 'White-haired Stock God' Serenity posted on platform X, stating that during the cycle of new technological architecture shifts, retail investors often take the lead in positioning, while institutional funds gradually take over and dominate market pricing in subsequent stages. Taking stocks like SIVE, NBIS, and RKLB as examples, these stocks initially had a low proportion of institutional holdings, but as institutions continued to increase their stakes, the stock prices eventually reached historical highs. Serenity believes that the current decline in the US stock market and the emergence of negative sentiments towards certain listed companies may be related to some institutions needing to acquire liquidity and accumulate shares at lower levels. In recent years, when certain sell-side institutions have released negative research reports or when the market has seen concentrated negative news, it often coincides with a phase of institutional accumulation. Investors need to conduct independent research and establish their own investment logic, and should not be easily swayed by market noise. The modern liquidity cycle of the US capital market essentially often manifests as a transfer of holdings from retail investors to institutions, and this process may not necessarily align with the interests of retail investors.