Based on my observations as a media industry professional, many tools' data indicate that retail investors have been in a bear market for quite a long time.

This round, except for some strong mainstream coins $SOL $BNB $XRP reaching new all-time highs, most altcoins are only in a long-term bear market rebound. The most classic example is DOT. In fact, only Bitcoin best fits the 4-year cycle because it is driven by #BTC's own supply and demand logic.