Bear markets often reveal who's genuinely committed to building versus chasing hype. Right now, you're seeing core developers shipping updates, institutional players accumulating on dips, and retail traders shaking out. Projects with real utility keep grinding through the cycle—DeFi protocols optimizing, blockchain networks launching upgrades, and protocol teams securing partnerships. Meanwhile, meme tokens go quiet, but serious projects use downturns to strengthen fundamentals. The real question isn't who's active; it's who's active for the right reasons. During bearish periods, separating signal from noise gets easier. Builders stay focused. Speculators exit. That's when the market actually sorts itself out.