Many folks think we're already in a crypto bear market, but looking at the bear market indicator data, BTC is still at the transition point between a bull and bear market. That said, it's definitely leaning closer to the bear side (orange zone). As for ETH, it's indeed one level deeper into the bear market compared to Bitcoin. It's already in bear territory but still has some room before hitting the deep bear zone (red zone). In Bitcoin's historical cycles, only the big drop in March 2020 avoided entering a deep bear trend before flipping to a bull market. In other cycles, it always dipped into the deep bear zone before reversing, but we haven't fully entered a bear market yet this time. Maybe that's why many people are waiting for another dip. But whether that dip will actually happen is hard to say. After all, starting in 2024, ETFs and DAT (strategic reserves) have accumulated a large amount of BTC, and most of it is still being held. Bitcoin is still too young compared to traditional risk markets.