Imitating the cat style, I wrote an article about the "kill line" of the investment market: the emotional cycle and liquidity trap of the investment world. If you have already started questioning why topics like "bull/bear markets" always grab everyone's attention, then you are actually starting to ask the right questions. This thing is not a "new" phenomenon at all, let alone a special issue that belongs only to a certain market. From "this time is different" to "eternal bull market", from "value investment" to "blockchain revolution", from "DeFi Summer" to "NFT foam". It always talks about the same thing: a market that appears to be continuously rising, with fundamentals and narrative support, may lose a lot of liquidity in a very short period of time due to a black swan, triggering a lot of bull bear debates. Since this is not a "new" phenomenon, why is it repeatedly brought up as a hot topic and amplified from time to time? And you will find that it is almost always' just right ', appearing when market sentiment is extreme (excitement or panic). Is this a coincidence? Perhaps it is. But it could also be that whenever the cycle reaches a critical point, such as a downward turn, the 'system' has to find a way to explain: why did your assets suddenly shrink? The same applies upwards Talking directly about liquidity, emotions, and cycle position is too subjective, and many people still do not agree because there is no objective data. Moreover, they are unable to create expectations of sudden wealth for the public and find it difficult to handle emotions. So, a simple, memorable, and highly emotionally driven narrative will be pushed out. Push a topic that is already familiar to everyone and can accurately touch on the pain points of most people to the forefront again. Discussions will naturally evolve into: Who is in the car, who is in the car, who is a value investor, who is a speculator, who should hold for the long term, who should stop loss and exit, and even who should be eliminated by the market, as well as various so-called public data. Note that this step is crucial. Because from this moment on, the problem was personified. An invisible enemy appeared once again. It seems that it is precisely because of "manipulation by market makers," "wrongdoing by project parties," and "regulatory suppression" that our assets have shrunk. This creates noise and distraction, and when investors who are squeezed by the same market start to argue and form opposition due to their "holding positions," their attention is successfully diverted. People will spend a lot of energy complaining about an abstract enemy, rather than observing changes in liquidity, adjusting positions, and enforcing discipline, which are truly important things. There are many theories in market psychology that can explain this phenomenon, one of which is the "narrative cycle theory": when structural liquidity changes cannot be directly discussed, responsibility will be shifted and the problem will be emotional, leading to group FOMO or panic selling. And this emotional and positional opposition often objectively plays a role in providing liquidity for market makers, delaying time for project parties, and creating transaction fees for exchanges. In recent years, similar narratives have repeatedly appeared in different markets. From this perspective, 'bull bear' is just the selected noise. So does' cycle 'really exist? Is it important? Of course it exists, of course it is important, it is indeed a real market law. But it is not a "new" discovery, nor is it a problem that one person can accurately predict or completely avoid. What we can really do is to treat it as a small alarm when you see such topics (such as the group voices of cows and bears coming) being pushed to the hot spot again. Pay attention to: Is the market liquidity brewing new changes recently? How may these changes affect your position, risk exposure, and investment strategy? Of course, you can also join the big team to argue about bull and bear, and take sides in long and short positions. However, we cannot control the market trend, but we can train ourselves to be sensitive to liquidity cycle changes by observing the way and frequency of these narratives appear. And this sensitivity, at some critical moment in the future, could potentially save your account's life. For example, if you have sensitivity to market sentiment and choose to take profits at a high emotional level, you can escape the 1011 black swan