K33 released a report saying that this bear market is different from previous ones.

Traders are too pessimistic, to the point that it has become the bottom.
In the past, bear markets were caused by optimistic people being liquidated; this time, no one dares to be optimistic from the start.
Bitcoin is sideways at 76,700, the structure is indeed weak, but there’s no accelerated sell-off either.
Over at ETH, EF core team members are leaving one after another, the community has already exploded.
HYPE has quietly been moving out for a while, gradually pushing from 42 to 48, which is quite strong in this market.
Bitwise’s call of undervaluation is not just talk; there’s something in the market.
I think what’s more interesting now is: the market sentiment is indeed more pessimistic than in previous cycles.
Price reactions are also relatively sluggish.
There are more than 60 KOLs in my Twitter follow list who haven’t been active for over half a year; I unfollowed all of them last night, which indeed indicates that more people are leaving the market.
This isn’t called forming a bottom, nor is it a reversal.
But if you’re still waiting for that “final crash,”
according to historical cycle patterns, it indeed hasn’t come yet.
But what if the final crash has already happened?
After all, the current cycle’s pessimism is indeed heavier.
Who knows? Let’s leave it to time to slowly verify.
The core principle is: “Don’t guess the bottom.”