Seeing many friends are super sensitive to the word 'bear.' Bear doesn’t necessarily mean slow decline or crash—that’s not what a bear market is. Take ETH’s bear market in 2022 as an example. Most of the time, a bear market doesn’t mean constant crashing. On the contrary, it might even give you chances to rebound, but eventually, everything gets knocked back to square one. In the mid-to-late stages of a bear market, the market often runs out of money and lacks volatility. And it’s the lack of volatility that’s truly terrifying. Imagine staring at a 1% price swing every day—opening a 75X leverage position for a week wouldn’t liquidate you, but it wouldn’t make you much money either. That’s the scariest part. Even if you’re actively using leverage, you won’t make extraordinary profits. During this period, you won’t hear those legendary get-rich-quick stories anymore. The market conditions won’t allow small funds to create an A8-level success story. You won’t hear even one of those in a year. Not me either—I can’t make money in a bear market. On the night of the FTX collapse, I even went long on BTC, only to get liquidated when it dropped. Don’t fear the bear market. If you’re like me and don’t hold spot positions, only holding USDT as a trader, you basically won’t lose much money in a bear market. Long-term BTC believers won’t lose much either. Their investment cycles are long enough, and they have the conviction to hold for months or even years, trading time for wealth. The ones who lose the most are those BTC investors and altcoin holders who panic and sell when the market looks bad. That’s all.