In a bear market, you can't really lose too much money because the market is bad for a long time, and everyone is reluctant to invest too much capital. Very few people borrow money or take on excessive leverage.

In a bull market, that's when you can lose a lot of money because of the profit-making effect. Everyone is afraid of making too little, so they desperately chase hot trends. After making a lot, they recklessly increase their positions, borrow money, use credit cards, and take on leverage, ultimately leading to significant losses. Don't ask me how I know this; I've experienced it myself.