K33 has released a report stating that this bear market is different from before. Traders are too pessimistic, to the point where pessimism becomes the bottom. Previously, in bear markets, optimistic people were liquidated, but this time, no one dared to be optimistic from the beginning. The pancake 76700 is horizontal, and its structure is indeed weak, but it has not accelerated its impact. The EF core of ETH next door has been leaving one after another, and the community has exploded. HYPE quietly walked for a while, slowly pushing from 42 to 48, which is considered tough in this market. Bitwise's call for underestimation is not unfounded, there is something on the market. I think what's interesting now is that market sentiment is indeed more pessimistic than in previous cycles. The price response is also relatively passive. There are over 60 KOLs on my Twitter follow list who have not been active for more than six months. They were all removed last night, which does indicate that there are a relatively large number of people leaving the market. This is not called bottoming out, nor is it a reversal. But if you're still waiting for that 'last blow' According to the historical pattern of cycles, that hasn't come yet. But what if the last blow has already happened. After all, this cycle is indeed more pessimistic. Who knows? Leave it to time to slowly verify. The core principle is' not guessing the bottom '.