Analyzing the psychological aspect of market software is even more complicated than stepping on the scale during a diet. Recently, mainstream cryptocurrencies have been performing a collective plunge, with former star projects falling so hard that even their own teams can't recognize them. In chat groups, the common sentiment is: "Buying the dip at the cliff's edge, the more you buy, the more you lose." Where's the promised bull market? It feels more like a bear market arriving early.

Carefully examining the current market trend, from the initial move to now, there's a persistent awkwardness. The top projects are still holding their ground, at least showing some decent gains; the second-tier projects have never broken previous highs; those small coins once pumped up by hype seem to have hit the pause button, with little to no movement for a long time. This pattern of "top projects struggling to hold, most others lying flat" essentially boils down to one key issue—liquidity exhaustion.

What is liquidity? Simply put, it's the market's "blood." Without enough new funds continuously flowing in, even quality projects can't rally. The current situation is: institutions are waiting, retail investors are waiting too. The two sharp declines have left people fearful, and the courage to add positions has plummeted. Limited funds are circulating within the market, unable to sustain a broad upward trend. Many are now asking: is the bull market really over?

But from another perspective, this decline may not necessarily signal a bear market; it could very well be a "shakeout" by the main players. The key point is that next year, global central banks are likely to enter a rate-cutting cycle, which is a genuine long-term positive for the crypto market. The main players are lowering their positions amid current panic, essentially preparing for the market rebound next year.