Wintermute: This bear market may end faster than before, and the market is likely to recover in the second half of the year Odaily Planet Daily News: Wintermute stated in an article on X that it is clear that we are already in a bear market, and in fact, it has been going on for some time - especially from the performance of altcoins, the extreme concentration of rebounds, and the market sentiment on X. But the difference of this bear market is that it was not triggered by structural explosions such as FTX, Luna, and 3AC, but by a relatively natural deleveraging process driven by macro environment and cyclical trend changes. Its core driving force comes from changes in positions, risk preferences, and market events. This is crucial. Due to the absence of bankruptcy liquidation and systemic contagion, this cycle may end faster than previous bear markets. The infrastructure is more robust, and the adoption of stablecoins is still growing. Institutional interest has not disappeared, but it is temporarily taking a wait-and-see approach. Once the environment improves, attention and funds may quickly return - most likely in the second half of 2026, when macro uncertainty decreases and the Federal Reserve's policy path becomes clearer. In the short term, after liquidation, the position has significantly decreased, but market confidence is still insufficient. After experiencing two months of interval fluctuations, we have returned to the stage of price discovery. It is still too early to talk about any meaningful upward trend, but if it does occur, its shape may be clearer than the reversals seen in previous bear markets - because this time, the crypto ecosystem has not suffered structural damage.