The current market psychology can be summarized into the following 6 core pathological mentalities:

1. Catching the Bag Delusion: Any buying action is subconsciously viewed as "taking over the bag," leading to even bullish signals not daring to jump in easily.

2. Time Folding: Holding a position for more than an hour is mocked as "big-picture thinking," because the default assumption is that the project won't last until the next day.

3. KOL Counter-Indicators: Signal calls are no longer a rallying cry for entry but a "withdrawal signal" telling existing funds to quickly exit.

4. Smart Money Failure: Since big players are playing "fast and loose," following smart money only makes you a "fool one step later."

5. Official-Only Theory: Without a clear "acceptance" hint from exchanges (CEX), all projects are essentially air.

6. Ineffective Wear and Tear: The more effort you put into trading, the less principal you have left, ultimately realizing everyone is just working for Gas fees and scientists.

Overall, a group of wounded gamblers, in a dark room (lacking official signals), holding only their remaining chips (liquidity exhaustion), staring at each other's pockets (mutual cutting), and any slight change (KOL calls/market dumps) can trigger a collective flight.