Many people look at the bottom, always hoping for a beautiful V-shaped reversal. But if you've observed the actual process of institutional accumulation, you'll find that reality is far from that simple.

In the eyes of institutions, the bottom looks like this: not just a simple V shape, but more often W-shaped, arc-shaped, or box-range oscillations. Sounds unremarkable? That's where the problem lies—many retail investors can't endure this process.

A true institutional bottom has several obvious characteristics. First, it involves repeated oscillations and doesn't happen overnight. Second, the price probes downward multiple times, but each time the lows do not create new lows, indicating that the selling momentum is weakening. The most painful part is the time cost—using time to gain space, and this process can be exhausting.

Looking at Ethereum's history, almost every major bottom formation takes 2 to 6 months. This is no coincidence but a typical rhythm of institutional-level trading strategies. They use this method to accumulate chips while also wearing down retail investors' patience.