At different stages of the crypto market, participants go through a similar emotional cycle. When a bear market arrives and prices plummet, it starts with fear—worrying about continued declines in holdings and fearing missing out on a rebound. If the decline persists, fear evolves into despair, and many begin to doubt the market’s future. Then comes the anger stage, with growing dissatisfaction about investment decisions, market manipulation, and project teams. Finally, there is sadness, a sense of helplessness and exhaustion that engulfs the entire community. These four stages repeat in cycles, deeply reflecting the collective psychological evolution within market cycles.