Every bear market unfolds in 4 phases:

1. Denial – “Just a correction.”
Oct–Nov 2025: Bitcoin falls $126K → $95K. Everyone buys the dip.
2. Fear – “This is worse than I thought.”
Dec 2025–Jan 2026: BTC drops to $68K, ETFs see outflows, leverage gets wiped.
3. Capitulation – “Get me out at any price.”
Still ahead. Weak hands panic sell, $90K–$100K buyers dump near $50K–$55K, and MicroStrategy’s $76K cost basis becomes the headline.
4. Depression – “Crypto is dead.”
Volume disappears, CT goes quiet — and the real bottom forms.
Right now: end of Phase 2.
Phase 3 may be next. 📉