According to @alistairmilne, despite Michael Saylor’s ongoing Bitcoin accumulation, the market is not reaching new all-time highs due to widespread capitulation among retail investors who suffered losses in memecoins and lower-quality altcoins. This persistent selling from retail is counteracting institutional buying, resulting in a consolidation phase where only dedicated Bitcoin maximalists and strong holders remain. Traders should monitor on-chain metrics for signs of retail exhaustion and accumulation patterns, as these could signal a future breakout once weak hands have fully exited (Source: Alistair Milne on Twitter, May 18, 2025).