Honestly, the current bear market is so tough that it's hard to know where to start.

Some people casually say, “Just go short,” but in reality, that's much easier to say than do.
The market has been in a prolonged downtrend for over half a year, with no decent rebounds.
The deeper the decline, the greater the psychological pressure to short.
Everyone fears a sudden rebound that could trigger a liquidation, wiping out all the hard-earned losses in an instant, or even incurring losses.
This is the brutal risk of shorting in a bear market.

Going long is difficult, and shorting is also challenging—this is the most awkward situation in the current market.
The most straightforward example is crypto giants like Yilihua and Maji.
They hold huge amounts of capital, so theoretically, any market fluctuation or slight rebound should allow them to make quick profits.
But the reality is, this bear market leaves no one a chance.
Yilihua sold over 650,000 ETH in just 8 days, with a total loss of over $700 million, transforming from a bullish position to a passive stop-loss loser.
Maji also wasn’t spared, repeatedly playing the head-banging and dead-cat bounce scenario before getting wiped out.

Retail investors are just a reflection of the big players, and often even more pitiful.
Many newcomers enter the market full of hope, thinking they can catch the bottom and make quick money.
But the script they face is always the same: buy in and get trapped, sinking deeper and deeper; add to their positions and lose more; falling into an endless cycle.
Just like Bitcoin now, which has fallen from over 120,000 to just over 60,000—more than 50% decline.
Looking back, it seems like shorting from the high could be hugely profitable, but during each decline, everyone hesitates, wondering, “It’s fallen so much, is shorting now too risky?”

So, instinctively, they try to buy the dip, hoping for a rebound to sell quickly, making a few points and cashing out.