#Strategy加仓比特币 This round of the bear market may be showing early signs of bottoming out—although it seems quite contradictory.

According to the latest market analysis report, the current crypto market is experiencing a typical bottoming phenomenon: prices are falling, but activity is increasing. Specifically, Ethereum's price has plummeted 29%, yet on-chain transaction volume has hit new highs. Mainstream cryptocurrencies like Bitcoin and BNB are also under pressure, but deep market activity has not stopped.

An even more interesting comparison is that stocks of crypto-related listed companies have fallen about 20%, but these companies are expected to see revenue growth this year at three times the rate of other industries. In other words, fundamentals are improving, but market sentiment is still at a freezing point.

The performance of stablecoins best illustrates the issue—asset size and trading volume are hitting record highs, indicating that funds are actively building positions, waiting for the next wave of market movement.

This divergence of "low prices but improving fundamentals" last occurred in the first quarter of 2023. And after that? The entire crypto bear market phase ended, and the following two years saw significant price increases.

Will history repeat itself? The market is giving its own answer.