An asset surviving multiple bear markets tells you something about who's still holding it. Weak hands get flushed out cycle after cycle, leaving more conviction and wider distributed ownership behind. What it doesn't tell you is that the next cycle looks anything like the last one. Survival is a filter on the past, not a guarantee about the future. So even if all the "weak hands" are washed out one cycle, if the asset never gains traction or the project dies out, it still doesn't guarantee a lot of upside during the next cycle. But no doubt, wider distribution and no token unlocks help massively when it comes down to it.(Daan Crypto Trades)