Wintermute: This bear market may end faster than before, and the market is likely to recover in the second half of the year According to Foresight News, Wintermute tweeted that we are currently in a bear market and it has been going on for some time. The difference this time is that we are not in a bear market due to structural collapse (such as events like FTX, Luna, Three Arrows Capital, etc.), but due to macro and volatility trends leading to natural (but not always orderly - refer to the situation on October 10th) deleveraging driven by positions, risk appetite, and narrative. This difference is very important. Without forced bankruptcy or chain reactions, this cycle may end faster than previous bear markets. The infrastructure is more stable, the adoption of stablecoins continues to grow, and institutional interest has not disappeared, but is temporarily put on hold. When conditions improve, attention may quickly rebound, most likely in the second half of 2026 when macroeconomic uncertainty subsides and the Federal Reserve's policy path becomes clearer. \At present, the position after liquidation has decreased, but confidence remains weak. After experiencing two months of interval fluctuations, we have returned to the price discovery stage. Although it is too early to talk about any meaningful upward trend now, if there is really an upward trend, as the cryptocurrency ecosystem has not been structurally damaged, it may break through the recent downward trend more clearly than seen in previous bear markets.