#加密市场回调 Regarding the Bear Market, many investors have misconceptions, believing that a Bear Market is synonymous with a big dump in prices. In reality, the essence of a Bear Market is not a short-term sharp fall, but rather a long-term stagnation and slump.

Taking the Ethereum market of 2022 as an example, what we see is not a one-way fall, but a more torturous pattern: first a fall, then a rebound, only to bring investors' hopes back to square one. This repeated dull knife cutting process is even more despairing.

There are several characteristics in the mid-stage of a truly frightening Bear Market: market liquidity is exhausted, volatility is extremely low, with only about 1% price fluctuation within a week. Even using 75x leverage, it is difficult to capture effective trading opportunities, and even the most diligent traders find it hard to achieve excess returns.

Even more suffocating is the disappearance of success stories in the Bear Market. You might not hear any cases of small funds making a comeback for an entire year, and even the most professional investors find it difficult to make profits. It's just like the night of the FTX collapse; even increasing Bitcoin holdings could not avoid huge losses.

However, a Bear Market is not a disaster for everyone. If you do not hold altcoins, do not hoard spot assets, and only hold stablecoins, a Bear Market actually does not pose a threat to you. Those investors who hold Bitcoin for the long term also do not need to worry excessively; they think about investment cycles in terms of years.

In the end, only two types of investors are truly harmed in a Bear Market: first, those Bitcoin believers who give up halfway and cut their losses; second, investors who still hold unrealistic expectations for altcoins. $ETH