I believe the question I retweeted “Everyone is bearish, so shouldn’t we go the other way?” can be answered by looking at the behavior of Korean crypto investors. Korean investors have a strong preference for altcoins. In fact, altcoins often account for more than 70% of total trading volume in the Korean market. This shows a clear tendency toward high-risk assets. From a behavioral standpoint, Korean retail investors are generally aggressive and speculative. As I mentioned on February 1, the green box I highlighted represents a phase where market confidence gradually returns and participants begin to learn repeating patterns. At this stage, the market has already learned how to use downside moves in reverse. Decline signals are no longer viewed as exit signals, but as opportunities. Now let’s look at the data. In the Korean market, Bitcoin trading volume peaked in early 2024. After that, prices continued to rise, but volume did not increase further (Chart 1). In contrast, Ethereum volume reached its highest level around the October 10, 2025 peak (Chart 2). T otal altcoin volume also began to rise meaningfully about one year after Bitcoin volume had already peaked (Chart 3). This pattern supports what I described as the “green box” phase. For Korean investors who favor altcoins, Bitcoin had already risen significantly. After watching the market for a long period,confidence and familiarity returned. This led to the expectation that “if Bitcoin has already moved, altcoins should be next,” and that mindset is clearly reflected in the data. Without confidence and conviction, it is difficult for investors to place aggressive bets at these levels. While the Bitcoin market itself may not have shown extreme overheating at the peak, the altcoin market clearly experienced rising expectations and retail-driven overheating. This is not very different from 2020, when Bitcoin volume peaked and slowly declined while altcoin volume surged sharply (Charts 1 and 3).(mignolet)