Recent market sentiment has clearly weakened. The funding rate for Bitcoin has turned negative, with expectations leaning towards a downward trend, creating a stark contrast with gold and silver, which continue to hit new highs.

The overall cryptocurrency market is weakening, with altcoins under the most pressure. In discussions within the group, many believe there is still room for a decline in the short term, but some traders indicate that even with expectations of a pullback, they will still attempt to go long on BTC at key levels.

From a temporal perspective, most group members judge that the Bitcoin bull market has not yet ended, with a concentrated view that it may extend until March-April. However, at this stage, funds have not significantly rotated towards altcoins, which has instead intensified sector differentiation.

Regarding the future market, divergences are widening:

One part of the opinion is extremely pessimistic, believing that the appeal of the cryptocurrency industry is declining, and project quality is concerning, even raising the idea of 'exiting crypto';

Another part is relatively restrained, believing that it is still too early to directly conclude that we are entering a structural bear market, requiring more conditions to be validated.

Some traders also provide relatively clear strategic ideas: focus on key trading points, and if the price stabilizes, the target above BTC still looks towards over 92,000 USD; while altcoins need to be wary of potential concentrated liquidation risks.

Overall, it currently resembles a phase of high-level sentiment retreat + structural rebalancing, rather than the final determination of a trend.