Citadel Securities' data is quite interesting: on their platform, nine of the historical top ten retail trading days are concentrated in the previous month. In May, the average daily options trading volume among retail investors has already hit a record high. June is still pushing higher. Yet the cash position remains at a high level. When you put these data points together, it can only mean that the market's current risk appetite is actually quite conflicted—on the one hand, chasing short-term volatility to play high-frequency games; on the other hand, not daring to truly commit the position. In essence, it's emotion hedging supported by abundant liquidity, not a trend-driven bullish view.