Bitcoin broke through the $60,000 mark early on Wednesday, hitting a high of $64,037, before plunging 7% to a low of $59,400. Violent market fluctuations caused the entire crypto network to liquidate over $600 million. Analysts pointed out that retail investors have been less involved in this rally. Coinbase's app was down for a while, and some users said their account balances showed zero. Despite the pullback, Bitcoin is still up more than 7% this week and 44% this month. US spot Bitcoin ETF trading continues to be in full swing. As of the close of US stocks on Wednesday, the trading volume of spot Bitcoin ETFs reached US$7.6 billion. On-chain data and web searches show that retail investors have had low participation in Bitcoin’s rise above $60,000. Analysts at IntoTheBlock said that current data points to calm retail investors, suggesting that institutional investors may dominate this stage.