The smart money in this bear market has clearly increased. Aside from the infighting among the smart players from before, there's also a large group of funds choosing to believe in the cycle during the downturn. At first, they still held onto the illusion of 'this time is different,' but the movement of funds continued to repeat itself. So, they firmly chose to believe during the decline. This might be one of the biggest reasons for the 'all the way down' trend and the very short and weak rebounds. The voices saying 'this time is different' have noticeably weakened in this bear market.