This recent market movement has actually laid bare a truth:

The market is not pricing in reality; it's only pricing in the fantasies in everyone's minds.

The crypto world has never been a "fundamentals-driven market." Data, models, narratives—all of these are the results that appear after sentiment changes. When the drop happened on 10/11, what was truly cut off wasn't liquidity, but confidence. When confidence is gone, even good news can be interpreted as bad; once confidence returns, even a small uptick can be seen as the "start of a new cycle."

That's why you see: when prices rise, the whole internet celebrates; when prices fall, everyone is pessimistic. Information isn't objective; it's just an echo of sentiment.

In reality, price is the average of everyone's fantasies.
So here's the question—what do you truly believe right now? That the rebound is over, or that the shakeout is done and a new uptrend is starting?