The on-chain big players are now mostly dominated by foreigners, but it is the domestic retail investors who rush in to grab the funds and contribute to the trading volume. It can be said that the trading enthusiasm is driven by the locals, while the narrative direction is led by foreigners. This is not hard to understand: the foreign big players are relatively united and more "shrewd"; once they get on board with a clear signal, they often hold for a while and continue to build, giving everyone confidence to follow and buy. In contrast, the local players are much more complex, with a fast pace and aggressive moves, and once they buy, they might quickly flip and sell, making it hard to establish long-term trust. Moreover, foreigners are enthusiastic about calling out trades and will continuously push the narrative, while the atmosphere for calling out trades domestically is relatively conservative; those who understand, understand. There was a time when local players also had their glorious moments, but after the Trump incident, they basically retired collectively. Although new rising stars keep emerging, surpassing the profit levels of those years is indeed quite challenging.