The First Love Girl and This Round of Decline This round of decline Now some analysts are saying that KOLs are unanimously bearish. How strange. First of all, that's not true. There are plenty of KOLs in Brother Silly's group who are still bullish even now. Before the drop, there was a serious divide between bulls and bears. After the drop, the bullish KOLs went silent. But that's not the most important thing. What's important? Institutional bulls and bears, retail investors and KOLs—whether it's FOMO or FUD, none of it matters. Retail sentiment and the market are decoupled, completely detached. Retail investors are like a first love girl, constantly writing letters to Mr. Market, but never receiving a reply. Yet, it doesn't stop her from fantasizing. Today, both ETH and BTC closed their annual candles in the red. Optimists believe the bull market hasn't arrived yet, and the good days are still ahead. Pessimists believe the crypto golden age is over, and there will never be a traditional bull market again. From November 2021 to November 2025, ETH dropped from 4800 to 2900. What can I say? Just looking at the candlesticks, it feels more like the A-shares market now. The once obvious bull market has turned into an obvious bear market. We don't even need to predict anymore. Once institutions shift, just follow them in. At that point, it won't matter whether retail investors are panicking or not.