The bottom may really have come out, let me analyze why I say this —

#数字资产市场洞察 $BTC $ETH
Just looking at the price can easily lead to pitfalls, so this time I will sort it out from the perspectives of news and market reactions.

**Bad news is starting to become ineffective.**
In the past, whenever negative news appeared, the market would react with a significant drop; recently, the situation has changed. When negative news comes out, prices tend to fluctuate back and forth, gradually digesting the information rather than plummeting sharply. This indicates that the market has already largely digested the bad news in advance.

**Macroeconomic expectations are stabilizing, and the worst concerns are fading away.**
Interest rates, policies, and the economic environment have not worsened further recently, and the market's worries about "things will get worse in the future" are cooling down. A market bottom is often not reached when good news appears, but rather when bad news stops getting worse.

**The development information of mainstream assets like Bitcoin and Ethereum is still progressing.**
Although there are no particular favorable factors, it hasn't been completely denied either. The market's confidence in these leading assets remains, which is a completely different state from the absolute despair typical of the end of a true bear market.

**The focus of the discussion has shifted from "Will there be a crash?" to "When will there be a rebound?".**
The shift in topic itself indicates that the emotions have gradually transitioned from pure panic to cautious observation and tentative exploration.

Of course, this does not mean that the market has successfully reversed. There are still uncertainties in policy, shifts in fund sentiment, and risks in the broader environment; any single piece of good news cannot be taken as definitive.

Overall, the market seems to have entered a phase of repeated bottoming, fluctuating up and down, and slowly building a bottom, rather than the initial rhythm of a one-sided sharp decline. This is my judgment.