We had a bear market but most people missed it and now fail to adapt
If you disregard the Nov 24 pump, then #ETH went down only for more than a year which is longer than 2022 bear market
Many alts went down -90% or more in that time too
Most native market participants are tired or gone and dont believe anymore. "I dont even want profits just get me out at b/e"
#BTC on the other hand entered a new paradigm and didnt go through traditional bear market of the past, instead you had a typical mid timeframe post ATH break correction as Gold had in 2008 within a larger macro bull market
Traditional cycles are gone, adapt
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