VIX returns to 49! Has the most dangerous time passed? The real big trend may have just begun

The most terrifying time in the market is not a crash.
But when everyone starts to "not be afraid" anymore.
The VIX returning to 49 means the market has shifted from "extreme fear" back to a "neutral zone." Many people see this as a positive sign, but seasoned investors know—true big trends often emerge during the "half-believing, half-doubting" phase.
Why? Because during extreme panic, no one dares to buy; during extreme greed, no one wants to sell. Only in the neutral phase do funds start to cautiously test the waters again.
The most obvious recent market change is:
No more smashing during crashes, and bad news no longer causes prices to fall.
In financial markets, this usually indicates "selling pressure exhaustion."
Even more interesting is that the on-chain fund structure is changing. Short-term speculative funds are still on the sidelines, but medium- and long-term funds are gradually starting to position. Many institutions don’t chase rallies; they wait specifically for market sentiment to return to a "lukewarm" stage.
Historically, big bull markets rarely start with cheers; they often begin when "everyone feels it's boring."
The most dangerous situation is actually:
Retail investors think the trend is over, but institutions are secretly accumulating positions.
So, the number 49 is not just about sentiment warming up; it’s like the market is saying:
"Those who should be afraid have already run, and those ready to profit are coming back."
The cruelest thing in the crypto world is:
The true big trend always rewards those who dare to stay when "nobody believes in the bull market." #MARA一季度净亏损13亿美元