Feels like the market has entered a highly controversial phase. Those saying the bear market is here argue: 1. The 4-year cycle points to this being the transition from bull to bear. 2. Every time ZEC, Filecoin, ICP, and those old players pump, it’s always bad news—this has never been wrong across multiple cycles. 3. Stuff like stablecoin public chains, X402, Chinese Meme coins—they all burn out in less than a week. The market is desensitized to new narratives, so it can only drop. Lately, shorting anything seems to make money. Those saying the bull market isn’t over argue: 1. The rate-cut cycle has just started, and you’re telling me the bull market is over? 2. Fear index is at 22—when has a bull-to-bear transition ever started without FOMO levels hitting 70, 80, or even higher? 3. The recent drop is clearly due to the U.S. government shutdown, which pulled out liquidity worth hundreds of billions. The government is likely to reopen this month, and when liquidity returns, the market will definitely rise again. Which side are you on?