Based on current monthly returns, the S&P 500 index, and exchange fund flow data: 1. Trend: The bear market is confirmed. The consecutive declines in Q4 2025 (especially the 17.67% plunge in November) broke the bull market logic, and its pattern is highly consistent with the deep bear markets of 2018 and 2022. Statistically, this is a clear signal of a continuation of the downward trend. 2. Valuation: Entering the undervalued zone, the S&P 500 index has fallen to 0.83 (<1.0), indicating that the bubble has been squeezed out and assets have entered the "undervalued range." However, it should be noted that this value has not yet reached the historical extreme low of 0.5 (the miners' capitulation line), meaning that theoretically there is still room for further decline. 3. Funding: In a zero-sum game, exchange funds are generally showing a net outflow, with only leading platforms maintaining existing funds, indicating that the market is in a period of risk aversion and contraction.