What kind of bear market is this round? Compared to the previous liquidity bear market in 2022, this round of bear market may be more brutal and torturous. The reason is simple, this bear market is not only a decline but also a class solidification of cryptocurrency assets. The upper class (BTC): has completed the de tokenization and become a plaything of Wall Street. With the volatility of the US stock market, it has little to do with ordinary retail investors. Lower class (altcoins/old mainstream coins): They are experiencing a brutal purge, with 90% of projects facing huge selling pressure due to the lack of hematopoietic capacity (and no one actually using them), and are on the road to zero. This also leads to different mindsets among two types of holders. BTC holders may feel bored and wait for macro interest rate signals, while altcoin holders will continue to lose blood because in volatile markets, market makers and VCs will take advantage of every BTC rebound opportunity to sell altcoins in order to recoup their funds. In addition, the most dangerous mentality at this stage is to constantly imply that if the altcoin drops by 90%, it will definitely rebound. The truth may be that they may never come back, and the current market is abandoning those air assets that have no real income and only narratives.