Tell a true story, today the fear and greed index is at 20, extreme fear, the market is dead silent. Under this environment, $RE surged 785% in a single day, with a daily trading volume of 56 million dollars.

Think about what this means.
While the entire market is shrinking in volume and drifting downward, a certain amount of capital chooses to concentrate its firepower on a single target. This is not something retail investors can do; retail investors, when the fear and greed index is at 20, will only cut losses and lie flat.
Those who can go against the emotional bottom and buy in such a mood are either funds with certain informational advantages or pure market manipulators pushing up prices to dump.
I lean more towards the latter, but it doesn't matter. What’s important is that this phenomenon itself indicates one thing: even in the coldest market conditions, the market never lacks local liquidity.
Money hasn't disappeared; it has shifted from the general rise logic of the main coin to a single-point explosion mode.
This is actually a typical feature of the late bear market — big funds no longer do beta, only do alpha.
Look at the entire top gainers list; the combined trading volume of the top few may not even equal a small part of a bull market altcoin, but the concentration is extremely high.
The lesson for ordinary people is simple: in this market structure, holding a bunch of altcoins waiting for a general rally is the dumbest strategy.
Either stay in cash and wait for the fish, or closely monitor for abnormal momentum. There is no middle ground.
I myself am basically just watching the show now, with a very light position, not in a hurry.
Wait until the fear and greed index drops from 20 to single digits—that will be the real bottom signal.