Recent needle-drop market moves, the script is almost unchanged: 1️⃣ Bull market in full swing, then suddenly a black swan event hits, sharp drop, liquidating leveraged positions; 2️⃣ Oversold rebound, price stays the same, positions wiped out, and a batch of short chasers gets liquidated too; 3️⃣ Retail investors FOMO at the top, then comes a second dip, liquidating another batch; 4️⃣ After both longs and shorts are wiped out, the market enters a sideways phase, liquidity completely drained; 5️⃣ Once retail investors are mentally exhausted, the whales pump the market again, pushing to new ATH; 6️⃣ Bulls return quickly, retail investors fall into the trap again, and the cycle restarts; …… The question is, which step are we at now?