Current market participants haven't left yet. We’re at a point where even the strongest believers should be split and interest should be fading, but that hasn't happened yet. Even if prices keep falling, the same line will keep appearing: “On-chain data is still positive.” Analysts will continue to say the signals look good, and those seeking comfort will hold onto that story until the very end. But by the time people clearly realize something is wrong, it’ll likely be too late. Looking at the lack of real response even now, we might already be in a much later stage than most realize. That’s why, in a sense, the conclusion for data analysis is already set. Objectivity is hard to find at this stage. This is the most important part. Deep down, there is already a sense that something isn't right. The problem is, admitting the truth feels almost impossible because things have already gone too far. In the end, acceptance becomes too difficult, and avoiding responsibility becomes the only way out. That’s how the cycle of shifting blame begins.(mignolet)