Observations on day 60 of the bear market are definitely worth noting. The current market sentiment has shifted from retail panic to institutional-level liquidity pressure. Historical data shows that a true bear market bottom often requires a 12-18 month cleansing cycle. The declines in October and November mainly liquidated leveraged retail investors, but the balance sheet adjustments for whales, DeFi protocols, and miners may have just begun. Stablecoin depeg risks and exchange liquidity tightening will be key indicators for the next phase.