K33's judgment: A mild bear market, without that kind of panic-driven crash

K33 indicates that BTC touched around $82k and then retreated, but the February low of about $60k is the maximum drawdown at the cost basis. Unlike previous bear markets, this decline below the 200-day moving average has been slow to recover, with leverage and risk appetite not quickly rebounding, making the market more moderate. Institutions remain defensive: reducing BTC holdings in Q1, while retail investors slightly increased their holdings; Bitcoin ETF funds have also seen outflows over the past five days, indicating stop-loss sentiment near the cost basis.