Regaining confidence takes time, while its collapse can happen in an instant. The crypto world is currently fragmented, with severe capital flight. Even someone like me, used to staying in my comfort zone, is considering getting a Hong Kong bank account to trade US stocks... How will large institutional investors with a global perspective choose to proceed? In the past year or two, the AI sector has thrived, while crypto has languished... Bitcoin has returned to its bull market peak of five years ago. Altcoins don't have an altcoin season, only altcoin festivals... With CEXs/DEXs listing gold/silver and popular US stocks, almost 99.9% of altcoins in the market have lost their speculative value. Without even hype value, how can they not go to zero? Liquidity will only concentrate in a few heavyweight coins. It's all about short-term trading driven by sentiment. But this might also be a paradise for short-term traders... This "bear market" cycle may be more severe than we anticipate... #BTC