"Done and done, the market is going to be completely cooled off!" — Every time the price plunges, the comment section is flooded with voices like this. When the market crashes, there are always people pessimistic, acting like it's the end of the world. But having seen the 2018 bear market, the black swan event on 3/12/2020, and Luna's explosion in 2022, I want to say: Panic is just emotions acting up, and the real answers are actually written in historical data.

Looking back at the past seven years, it’s clear — the crypto market has experienced 239 so-called "extreme panic" moments. Every time, someone shouts that it’s over, but what about the market? Not only did it not disappear, but it became more mature, and the ecosystem grew more complex. This flash crash is pretty much the same — it’s not the prelude to a new collapse, but a necessary cost for the market to evolve from retail frenzy to institutional dominance. Volatility will still be high, but the foundation for the new cycle has already been laid.

Talking with data is more reliable. From 2018 to 2025, panic moments roughly fall into three categories:

**The first is caused by regulation.** In 2018, the SEC conducted widespread investigations into ICOs, resulting in 93 panic moments that year. It took the market four months to digest these shocks before gradually turning upward.

**The second is black swan events.** On 3/12/2020, the pandemic hit suddenly, plunging the market into a liquidity crisis — 43 days of extreme panic. But guess what? Bitcoin only took 400 days to rise 17 times.

**The third is the pain of cycle transitions.** Luna’s incident in 2022 triggered a 65-day panic wave, after which the market entered a bottoming phase, only beginning to recover in 2023.

The pattern is clear — every panic is a stepping stone for the next cycle. This time won’t be an exception.