The Crypto Fear & Greed Index recently dropped to 10, entering the "Extreme Fear" territory. Looking at historical records, the index reaching this level has really happened only a few times—during the liquidity crisis triggered by the 2020 pandemic, the chain reaction of leveraged liquidations in 2021, the cascading collapses of Luna and 3AC in 2022, and the industry-wide bear market from 2018 to 2019.

A clear characteristic of these periods is that the industry itself was failing, and the future was full of uncertainty.

But this year's situation is completely different. Just look at the current state—no major platforms misappropriating assets, no risk events dominated by billion-dollar Ponzi schemes, the total market cap has consistently held above the previous cycle's high, stablecoin market cap has hit a new all-time high, and regulation and institutionalization are steadily progressing. Global assets are soaring—what exactly is happening on the crypto side?