I think the market is currently in: the consolidation and washing phase of the mid-bull market: mainstream coins have risen a lot, and everyone is greedily leveraging, resulting in being harvested.

Altcoins haven't moved much, making it easier for people to say "there's no market," leading to low sentiment.

This is actually a common routine in a bull market: first, there’s a wave of increases that gets people excited; then comes a liquidation that cleans out speculative holdings; only then will the next round of quality rallies begin.

Yesterday's liquidations indicate that the market has not yet reached the end of the bull market, but it is also not the most comfortable initial surge phase.

Now is the "cleaning period" in the middle of the bull market, where the main force is filtering out leveraged traders and short-term traders, leaving space for patient spot holders.