# Who Had It Harder This Cycle: Retail or Institutions?

October 11th: $19 billion, 1.6 million accounts liquidated. This is how retail brothers die—leverage positions wiped out completely in a single day.

Five months later, today: Strategy underwater $4.3 billion, GameStop down $84 million and fled, BitMine with unrealized losses of $7.4 billion. This is how institutions die—slowly ground down by price, day after day.

Same bear market cycle, two completely different ways to die.