Why is this bear market so fierce, but the market doesn't have that true sense of despair? This is the question I have been thinking about recently. Many people wonder if the drop hasn't been severe enough? But I increasingly feel that the answer may not be that simple. Because for most knockoff players, the bear market actually started long ago. The most unusual aspect of this cycle is that BTC has reached a new high, ETFs have been approved, and institutions have entered the market. On the surface, it appears to be a vigorous bull market, but on the other hand, a large number of altcoins have been continuously declining since 2024. Many people's accounts have not followed the rise of BTC, but have been continuously shrinking. So there is a very fragmented phenomenon in this round of the market: BTC bull market, copycat bear market. Many people did not lose everything during the decline in 2026, but had already lost almost their money during the so-called bull market stage. When the market truly entered a correction, there was nothing left to fall. From pain to habit. From habit to numbness. So what you see is not strength, but people who have already experienced a bear market in advance. But at the same time, I think the market may not have reached a true bear market bottom yet. Because the true killing power does not necessarily come from a sharp drop, but from time. Many people think they are losing on price, but in the end, it is often time that destroys most people. Falling 50%, rebounding after three months, everyone can still hold on. Falling by 70%, as long as there is still volatility, there are still people who believe in opportunities. But if the market remains flat for half a year, a year, or even longer, with the same price every day when opening the software, no trading volume, no hot topics, and no profit effect, I hope it will be gradually worn away. This is the cruelest part of the market. Looking back at 2022, the most painful stage was not the LUNA crash, nor the FTX explosion. But rather the stagnant market situation that lasted for over a year after the sharp decline, where the market did not rise or fall, and funds did not enter or exit. Everyone is waiting, but they don't know what they are really waiting for. So why hasn't there been that true despair in the market yet? On the one hand, it is because many people's wallets have long been in deficit during the bull market, and on the other hand, it may also be because the market has not yet completed its final clearing. The real bear bottom is never when everyone is afraid, but when everyone loses hope. If there is still one last drop in the future, perhaps everyone will feel pain, but if there is a longer period of sideways trading and silence, the feeling of hope slowly being worn away by time, may be the true bear market.