Market sentiment has now returned to that "crypto cycle is over" stage.

In the past, such despairing voices would usually only appear during crashes like 312 or when major industry events like FTX occurred. The entire market would plunge into panic, and everyone would be asking what to do next.

But the current situation is a bit strange. Bitcoin is still firmly hovering around 90,000 yuan. From a numerical perspective, this doesn't look like a disaster moment at all; instead, it's near all-time highs. This disconnect between price and sentiment feels like an absurd dream—trading data tells one story, but market psychology tells another.

What this may reflect is deep skepticism among investors about the current market trend, as well as divergent opinions on future directions. Some are bullish at high levels, while others are bearish, creating a strange sense of contradiction in the market.