Trader Bonk Guy said investors are being forced to sell high-conviction holdings as the market weakens, describing this as the most fragile stage. According to Odaily, he said the difficult part is not buying when prices rise, but holding and buying dips when the market turns dull and painful.

Bonk Guy added that recent market action has largely matched his earlier expectations. He said on-chain markets have been volatile over the past two weeks and have cooled noticeably compared with the strong momentum seen in the previous one to two months. He said most previously popular tokens are now down, with some falling more than 50%, while newly issued tokens have performed especially poorly.

He said he still views the fourth quarter as the key period and believes the past few months were only the beginning of the move. He added that if the market continues rising in the coming weeks as he expects, investors who sold high-conviction holdings now may regret it.