1. The aftereffects of a bear market—after a rise, there’s a feeling it will crash.

"Such a sharp rise must lead to a correction!":

Scarred by the crashes of the past two years, seeing ETH rise 10% in two days, they immediately think the big players are going to cut losses and short.

As a result, this time is different; the bull market has arrived, and ETH is rising stronger, burying the shorts all the way.

"ETH used to peak at 3000, it must be at its top now":

Many people still cling to old beliefs, thinking ETH should oscillate between 2000~3000.

But a bull market has arrived, and the price range has shifted up directly; using past peaks to guess current peaks is purely futile.

2. The big players love to hunt smart people.

"3000 is a strong resistance, it must be shorted here!":

A bunch of technical traders are hanging short positions at key levels like 3000, 3500, thinking surely it can't break through.

As a result, the main players deliberately grind at these levels, waiting for enough short positions to pile up, then a big bullish candle directly explodes, and the liquidation list wails.

"The funding rate is so high, bulls will eventually collapse":

Shorts see that the funding rate is always positive, thinking "bears can't afford the interest anymore, a crash is imminent."

But in a bull market, high fees can last a long time; bears may not wait for a crash and are first worn down by interest.

3. Underestimating ETH's upgrade—it's no longer the ETH of the past.

"ETH is just a shitcoin, institutions look down on it":

Many still think ETH is just a "large public chain," not realizing it is now:

The darling in the eyes of institutions (once the ETF is approved, Wall Street can legally buy it)

The leader of DeFi (When on-chain activities recover, gas fees increase = explosive demand)

Assets that can generate interest (staking annualized 4%~5%, more worthwhile than saving in a bank)

Good news has fully played out, it should drop:

Bears think the ETF news has been fully pumped, so it should be time to short.

But institutional buying only truly occurs after the ETF approval, as this is when large-scale positions can be built.

Summary: Why are bears losing?

It's not that the technology is lacking, it's that the mindset hasn't adapted.

Still using bear market thinking in a bull market, wanting to short after a rise.

Underestimating the 'institutionalization' process of ETH (it is now a regular army)

Always wanting to "get rich against the trend," only to be crushed by it.

In a bull market, the most dangerous thought is—"I think it should correct now."