**[Willy Woo: The Crypto Market is at the End of the First Stage of the Bear Market, About to Enter the Second Stage]** Foresight News reports that Willy Woo tweeted, stating that dividing the Bitcoin bear market into three stages is very helpful for understanding the cycle. **First Stage** – The beginning of the bear market. At this point, Bitcoin's liquidity has already collapsed (this occurred in Q3 2025), and prices begin to decline. Bitcoin is a relatively small-scale asset, making it extremely sensitive to liquidity. Because of this, it often leads the global macroeconomy into a bear market, usually by several months. In other words, when smart money exits, Bitcoin reacts quickly. Smart money may also exit the stock market, but the stock market does not respond as quickly. During this stage, long-term extreme bulls blindly claim that this is just a pullback within a larger bull market, yet they fail to provide any strong evidence of capital inflows, relying only on empty rhetoric. **Second Stage** – At this point, the global stock market enters a bear market. Since the stock market is a massive market worth $100 trillion, it is like a giant supertanker, slow to move. This is the mid-stage of the Bitcoin bear market, during which all risk assets are declining, and there is no doubt that we are in a bear market. **Third Stage** – The light at the end of the tunnel. During this stage, liquidity begins to improve, capital outflows peak and start to stabilize. Investors begin to return. This stage often sees one last price crash (a capitulation sell-off), either occurring before the peak of capital outflows or shortly after. According to this bear market framework, Bitcoin is currently in the first stage and is approaching the second stage.