From the perspective of the panic index, there have actually been only three times this year that have really caused panic: July to August 2024, March to April this year, and now in October.

Every time the panic lasts longer, it eventually becomes the beginning of a market rebound. The impact of the big drop on October 11th has not yet passed, and the entire market is still slowly recovering. There are too many people who haven't held their positions steadily, and those impulsive funds that rushed to open positions are also being cleared out. In the past few days, as long as Bitcoin rises or falls by 2%, the liquidated funds can amount to several hundred million, which shows that market sentiment is still very fragile.

Current market performance

- Mainstream coins are now struggling at the bottom of the range, and their trends are no longer correlated with the US stock market; there is very little money available for trading in the market.
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- Altcoins are even worse, with only a few cryptocurrencies - ZEC, HYPE, PUMP, TRUMP, VIRTUAL - still holding on.
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- The contract dealer wants to pump up the price, but finds that no one is taking the bait; the new hotspots that just came out on-chain are like a flash in the pan, they can't stay hot for more than a few days.

This market is nearing a turning point. The last stage of a volatile market is often the most challenging, but if you endure, there will be a breakthrough. The most reliable approach now is still to stabilize your positions and concentrate your chips on mainstream coins.

Don't curse just because the US stock market is up and cryptocurrencies haven't followed suit. It takes time for the effects of monetary easing policies to reach the market, and the flow of funds won't always be out of sync with the US stock market. I have already taken a position in mainstream cryptocurrencies and do not plan to trade frequently.

In the upcoming market, it's all about who can hold on until the end. The more fiercely the market is shaken out, the more precious the ones who remain become—plainly speaking, it's "survival of the fittest."