The core of the Bear Market attack is to "create panic." Whales trigger a price avalanche by selling a large amount of Tokens in a short time, combined with negative news on social media to incite emotions, forcing retail investors to follow suit and sell.

When the market falls to a low level, whales repurchase assets at a very low cost, completing the "sell high buy low" harvesting cycle. This process is similar to the "short attack" in traditional stock markets, but due to the low liquidity and widespread leverage in the cryptocurrency market, price fluctuations are often magnified several times.

Taking the 2022 LUNA crash as an example, whales detected abnormal capital flows through on-chain data before the algorithmic stablecoin UST became unpegged. When market panic reached its peak, some addresses quietly bought the dip after the price plummeted by 90%, while retail investors suffered huge losses due to panic selling.