#数字货币市场洞察 I've been reflecting on a question lately: What should I be doing during a bear market?

To be honest, after going through several cycles, I can't really remember what exactly I was busy with during each bear market. But one thing is clear—I never left the table. I've always been watching the market, always looking for opportunities, even when the market was ice cold.

The bear market in crypto is pretty weird. Usually, after about a year of downturn, the market quietly starts to warm up again. And during that recovery phase, a bunch of unexpected opportunities often pop up. When things were dropping in 2023 and 2024, quite a few projects took off against the trend; the 2022 crash also offered plenty of great buying opportunities; 2019 goes without saying—those who positioned themselves early ended up laughing; and the DeFi boom in 2020 directly sent a whole group of people to the shore.

So, in theory, there are always opportunities in a bear market. The key is whether you’re still in the game.

But to be fair, the industry is much more mature now, and the days of easy money are long gone. Will this cycle repeat the same pattern as before? Hard to say.

Let’s talk about something even more sobering: trading during a bear market can easily wipe out your funds and wreck your mindset. There really aren’t that many moments worth making moves during a bear market—big opportunities are rare, and small ones are even rarer. If you’re not a top player, trading frequently basically means giving your money away. In a bull market, the rising tide lifts all boats and you can make money no matter how you play it; but not in a bear market—every bullet counts and is extremely valuable at this moment.

If you save those bullets for the bull market, even a random rebound can double your money. So the most important thing during a bear market: don’t lose money recklessly. Wait for liquidity to return, wait for market sentiment to warm up.