Regarding the judgment of bull market and bear market, there is actually not much divergence in the market now, and more and more people are beginning to believe that they have entered a bear market. But based on my preference for long-term holder sentiment and panic indicators, it is still in the green zone (belief doubt), and "doubt" itself corresponds to the mainstream attitude of the current market. From a more detailed data perspective, there have indeed been brief instances of entering the yellow range (optimism anxiety) recently. If prices continue to decline, further emotional weakness can be expected. But at least from the behavior of long-term holders, they have not shown the typical systematic retreat or panic selling in bear markets. At the same time, we also see that the stock of BTC on the exchange is still declining, indicating that the number of chips willing to be sold is decreasing, more BTC is being transferred to long-term holding, and high net worth funds are still continuing to attract funding. Many friends may ask, since buying behavior continues, why is the price still falling? The reason is that current buying is more passive and allocation oriented, which changes the supply structure rather than short-term prices. The decline in exchange reserves itself is a long-term and structural signal, indicating that future supply shocks are weakening, but short-term prices are still mainly dominated by macro environment, leveraged funds, liquidity, and sentiment. Speaking of which, the decline in stock on the exchange is partly due to a decrease in the willingness to sell, and partly due to an increasing number of investors choosing to exit short-term games. However, this does not mean that the impact of intraday trading on prices is weakening. From the turnover rate data, it can be seen that there are still a large number of intraday trading behaviors in the market, and prices are mainly determined by the repeated game of short-term funds, while long-term funds have gradually withdrawn from pricing power. This is also an important reason why the current market liquidity appears to exist, but the actual effective liquidity continues to decline. @bitget VIP， Lower rates and more generous benefits