Cryptocurrency investors have collapsed across the board, shifting from greed to panic. Many believe that even with interest rate cuts, it won't trigger a market rally. Recently, the liquidation ratio has increased for short positions, while the number of open contracts has decreased. The upward momentum is insufficient, and Bitcoin is leading altcoins downwards. Such sentiment may signal a rebound or indicate the arrival of a bear market. It is recommended to stay on the sidelines and observe.