Odaily Planet Daily reports that Wintermute stated on X that it is clear we are in a bear market, and in fact, it has been ongoing for some time — especially when looking at the performance of altcoins, the extreme concentration of rebounds, and market sentiment on X. However, what sets this bear market apart is that it was not triggered by structural collapses like FTX, Luna, or 3AC, but rather by macroeconomic conditions and cyclical trend changes, leading to a relatively natural deleveraging process. The core driving forces are changes in positions, risk appetite, and market narratives.
This point is very critical. Since there have been no bankruptcies or systemic contagion, this cycle may end faster than previous bear markets. Infrastructure is more robust, stablecoins are still growing, and institutional interest has not disappeared — it has only temporarily retreated to a wait-and-see stance. Once the environment improves, attention and capital could quickly return — most likely in the second half of 2026, when macro uncertainties decrease and the Federal Reserve’s policy path becomes clearer.
In the short term, after liquidations, positions have significantly lightened, but market confidence remains insufficient. After two months of range-bound oscillation, we are back to the price discovery phase. It is still too early to discuss any meaningful upward trend, but if one appears, its pattern may be more clearly defined than the reversals seen in previous bear markets — because this time, the crypto ecosystem has not suffered structural damage.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Michael Saylor: A 40%-50% pullback in Bitcoin is "relatively moderate," similar to the low period Apple Inc. once experienced
Bitcoin Treasury Company founder Michael Saylor stated that technology investments often experience a 45% drawdown. The current Bitcoin market is similar to Apple's stock decline in 2013, and the drawdown could last from two to seven years. He pointed out that this round of volatility is milder, due to derivatives trading shifting from offshore to the U.S. market, compressing volatility to the 40%-50% range.
GateNewsBot28m ago
Hedera price plummets, selling pressure continues to dominate
The Hedera (HBAR) price continues to decline in a weakening trend as it extends its downtrend and trades below the $0.103 level at the time of writing on Tuesday, after losing nearly 4% in the previous session. On-chain indicators and derivatives market signals are both bearish, combined with technical signals
TapChiBitcoin34m ago
Opinion: Bitcoin's decline is not a structural exit but rather a typical risk sentiment reset
Bitcoin briefly fell below $63,000 on February 24, mainly due to escalating tariff tensions and geopolitical risks. Investment experts believe this decline reflects a reset in risk sentiment rather than factors unique to the crypto market.
GateNewsBot41m ago
Glassnode: Over 400,000 Bitcoins are accumulated in the $60,000 to $70,000 range, forming a dense cost support zone
According to Glassnode data, during Bitcoin's recent decline, over 400,000 BTC were accumulated in the $60,000 to $70,000 range, with supply increasing from 997,000 to 1,430,000, a 43% increase. This range forms a dense cost basis for holding, while the $70,000 to $80,000 range is considered a low trading volume zone.
GateNewsBot1h ago
ONDO Bleeding in a Weak Market, But Tokenized Stocks and New L1 Could Flip the Entire Narrative
ONDO price sits at $0.24 after sliding from $0.34 in late January. That drop came during a broader market pullback, with Bitcoin under pressure and ETF flows turning negative. ONDO now trades about 88% below its December 2024 peak. On the surface, the chart looks heavy. The deeper story,
CaptainAltcoin1h ago
