I believe that the mini bull runs we saw in 2024 and 2025 were not real bull runs. It was basically the same people who have been around since 2021, rotating capital within the market. Retail never really showed up: there was no FOMO, no euphoria, nor massive entry of new people.

That's why the increases were limited and ran out quickly. Fresh money was lacking.

Now we are in a bear market that has already lasted quite a while. Most of those who needed to sell have already sold. That's why I think that, unless a very serious event occurs, there isn’t much left to fall.

In Bitcoin, this is clear: it was not retail that pushed the price, but institutions (ETFs, funds). This tends to happen more in accumulation stages than at market peaks.

In summary:

there was no real bull run, retail is still outside, the market has been pretty much cleaned up, and we are closer to a transition than to another great fall.$BTC $DOT $ETH #InterestRateDecision #PowellSpeech #trump #Retailers