When a bear market arrives, the market will exhibit some particularly clear characteristics.

First is the deterioration of sentiment. Incidents of community conflicts have noticeably increased, and public relations crises for project teams and trading platforms frequently emerge. Many content creators are beginning to explore the Web2 space, which is actually a very interesting phenomenon—when the crypto boom fades, people start looking for opportunities elsewhere.

There are also signs on the macro level. News of layoffs at major companies has become daily, highly anticipated projects tend to plummet, and the secondary market experiences wave after wave of sell-offs.

But here’s an interesting paradox. Even when everything seems so bleak, you can still see news of whales and institutions quietly accumulating coins every day. The “God coin” still exists, but the window of opportunity is getting shorter and shorter, and the potential for gains is severely compressed.

More importantly, when these phenomena occur together, they often indicate something. Looking back at history, similar combinations have appeared in 2019, 2022, and March 2025. And these time points just happen to mark the bottom of phases. So sometimes, the worst moments in the market are actually the clearest signals.