FOMO sufferers face a painful inner conflict: I think I understand this market well, but I didn’t buy at the bottom. This conflict has to be resolved, and there are two ways to do it: admit that I made a wrong judgment (hurts the ego), or deny the rationality of the market itself (it’s not me who’s wrong, it’s the market that’s crazy). Most people choose the latter. This mindset gets mass-produced in every bull market, not just in crypto, but also in A-shares and U.S. stocks. Essentially, it’s about how people deal with the existential pain of ‘I could have, but I didn’t’ by choosing the easiest yet most toxic coping mechanism.