A large number of retail investors are trying to buy the dip, which is usually a dangerous contrarian signal. I prefer to wait until the trend becomes clearer before intervening:

Technical breakdown: The four-year cycle has been confirmed to have ended, and the daily, weekly, and monthly levels have all breached key support, with the overall trend clearly weakening.

Funding rate divergence from panic sentiment: Although market sentiment is extremely fearful, the perpetual contract funding rates for mainstream currencies like BTC and ETH remain positive, indicating that leveraged longs still dominate and the market has not fully cleared.

Weak rebound strength: Even after BTC broke below $100,000 and saw a rebound, the strength was very limited, and it has not effectively reclaimed this psychological level, representing a typical weak counter-rebound.

Market sentiment has not reached true bottom characteristics: "Buying the dip" rhetoric still permeates social media, while historical experience shows that true bottoms often occur when no one is calling for more, panic continues, or after a rebound falls back into panic territory. I prefer to wait for signs of the market showing ETH perpetual trading volume below BTC and spot trading volume continuing to languish.

Current strategy should focus on defense: This is only suitable for small position spot testing, and strict stop-loss settings must be established. Once extreme declines occur, the liquidation chain reaction of institutional holdings may trigger a cascade.

Liquidity continues to drain: Since October 11, market liquidity has gradually shrunk, new user entry has slowed, and existing funds are also flowing out, with no signs of new capital entering the market in the short term. $BTC $ETH