The observations on the 60th day of the bear market are indeed worth noting. Current market sentiment has shifted from retail panic to liquidity pressures at the institutional level.
Historical data shows that a true bear market bottom often requires a cleansing period of 12-18 months. The declines in October and November primarily liquidated leveraged retail investors, but the balance sheet adjustments of whales, DeFi protocols, and miners may have only just begun.
The risks of stablecoin de-pegging and tightening liquidity at exchanges will be key indicators in the next phase.
Historical data shows that a true bear market bottom often requires a cleansing period of 12-18 months. The declines in October and November primarily liquidated leveraged retail investors, but the balance sheet adjustments of whales, DeFi protocols, and miners may have only just begun.
The risks of stablecoin de-pegging and tightening liquidity at exchanges will be key indicators in the next phase.
