Is Greed Dead? Why the Real Bull Market Often Starts When "No One Believes"

What is the most unified sentiment in the market recently?
Doubt.
Some fear the rate cuts will stop, others worry about ETF stagnation, and some are afraid BTC has peaked. The entire market is shifting from "mindless optimism" to "ready to run at any moment."
But history is interesting.
The real bull market often doesn't start when everyone is shouting "hit $100k," but quietly brews when people begin to hesitate.
The current market is very much like a "half-believing bull."
Funds haven't exited, but the sentiment has clearly cooled down. Many retail investors, having just experienced a pullback, no longer dare to chase highs easily.
And institutions prefer this environment.
Because only when the market is inconsistent can they accumulate at low levels. If everyone is firmly bullish, prices would have already skyrocketed.
Looking at on-chain data.
Long-term holders haven't sold off massively, and stablecoin liquidity hasn't collapsed significantly. This indicates the market is more like "resting" rather than "dead."
Many people always think they must buy the dip at the lowest point.
In reality, truly skilled investors often start gradually positioning after "confirming the market isn't completely broken."
Because no one can precisely buy the bottom, but many can "hold chips in the low zone."
The biggest illusion in the market is thinking that sentiment will last forever.
Last year, everyone was shouting "BTC is done," then ETFs suddenly appeared; now, people are worried about delayed rate cuts, and perhaps the next narrative is already on its way.
Crypto circles have never lacked panic.
What’s missing is someone willing to stay calm amid the panic.
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