The PDST after 10.11 seems to have deeply imprinted in everyone's heart.

This morning, the market experienced another dip, returning to the bottom of the fluctuation range. However, there was hardly any discussion about the drop in the group or on TL, which made me deeply feel how poor the market sentiment is, even worse than the sentiment at 78,000. I tried to ask Surf (AI) this question:

I want to understand how the market has recovered after the major liquidation on 10.11, please help me analyze from multiple dimensions.

Of course, Surf remains optimistic, and the conclusions are summarized as follows:

🔹 Price Stabilization: $BTC held the liquidation low of $84,500, while $ETH fluctuated around $2,800.

🔹 Risk Release: The total open interest (OI) in the market decreased by 24% to $113B, with funding rates returning to zero, and speculative bubbles completely cleared.

🔹 Capital Reserves: The market value of stablecoins surged to a historical high of $311B, indicating that off-market funds are "sufficient."

🔹 Sentiment Bottom: The long-term fear sentiment index is below 20, signaling a historical long-term bottom.

But!

🔸 Does the decrease in OI and neutral rates really indicate market health? Or is it a loss of traders' hunting instincts?

🔸 Is the new high in stablecoin market value truly "building momentum" for the next bull market? Or is it a case of "startled birds" that avoid risks at the slightest disturbance?

🔸 The "extreme fear" index at 19, is it really a bottom signal? Or is it a form of chronic psychological paralysis where not being optimistic has become the norm?

Data can lie, but trends do not deceive. I also had Surf capture discussions on Twitter about cryptocurrency price fluctuations, and without a doubt, it has significantly declined! Perhaps the retail liquidation on 10.11 will end an entire generation of trading sentiment; there is still hope for the future, just not for our generation.