A “Different” Bear Market This Time?
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One factor that sets this cycle apart is stability. Unlike 2022, there have been no catastrophic collapses on the scale of Terra, Celsius, or FTX. Moreno notes that the current market structure includes more institutional players, ETFs, and long-term holders who tend to accumulate gradually rather than panic sell.
This structural shift could make the bear market shallower and more orderly, even if prices drift lower over time. While that doesn’t guarantee a quick recovery, it suggests the next phase may be defined less by chaos and more by slow rebuilding — testing patience rather than confidence.