Some people have asked me what do I think of this current bear cycle - does it feel worse than previous cycles? Or previous cycles were much worse? Short answer to this question is that - to me, this bear cycle feels pretty much exactly the same as the previous 3 bear cycles that I've gone through. Perhaps I'm also a bit desensitized to price movements by now. Long answer to this question is that how one feels during the bear cycle depends entirely on each individual's circumstances. Are your funds safe, did you get liquidated, did you get hacked, did you manage to sell during the bull cycle, did you lose your job, is your company growing etc. For example, if you had all your crypto stuck in FTX or Terra's ecosystem in the previous bear cycle, that must have felt like hell to you to have all your liquid assets disappear overnight. This cycle, we didn't have any ecosystem going entirely belly up, so this bear may have felt like a breeze instead. For some other folks, this cycle could be terrible cause if you had been trading futures on Binance, you would have been liquidated with the 10/10 incident last year. It was not a spot blowup, but almost everyone trading futures had their account blew up. Or maybe you were using some DeFi protocols and unfortunately got your funds drained from one of the many hacks that took place this year and saw them all disappear. Or maybe you have been trading alts, and alts have been bleeding since Jan 2025. It's been nearly 18 months of down only negative news cycle with no light at the end of the tunnel, and quite frankly this is depressing. This cycle is horrible as the ATH bull that we were promised for all our tokens like ETH, SOL etc all did not appear. Yes, we briefly touched ATH but it wasn't a sustained period of elevated prices way beyond the ATH. Or maybe you lost your job and that's a horrible feeling this cycle. Or maybe you work in a company involved with stablecoins or tokenization and despite the bear market, you are busier than ever and on track for a big bonus cause Wall Street can't get enough of this right now. If you had been prudent and taken profit last year before the 10/10 incident, then this cycle would not be as bad for you. You probably would have learned your lesson by now and probably also wiser to know what to expect this cycle. So yea, that's my long answer on how I answer this question on whether this bear cycle is worse or not. It all depends on your own circumstance. We learn to be a bit stronger each bear cycle. Stay strong this bear cycle. We are hopefully coming towards the end soon.(Bobby Ong)