To Those Still Holding On in Crypto: What's More Frightening Than a Bear Market is Collective Silence

marsbitPublished on 2026-06-05Last updated on 2026-06-05

Abstract

To those still persevering in Crypto: what's more terrifying than a bear market is collective silence. Author: haotian. Key lessons for anyone wishing to remain in Crypto: 1) Looking back at past cycles, the crypto industry almost "dies" once each cycle before rebounding. Plunges of 90%, 80%, 70% followed by V-shaped recoveries are the norm. While extreme volatility is foundational, so is the industry's remarkable resilience—it simply won't die. 2) Centralized exchanges (CEX) are not the saviors of crypto; in many ways, they don't even belong to the industry. Running a platform to collect fees is their perpetual goal, regardless of whether the assets traded are major cryptocurrencies, memecoins, stock futures, oil, or precious metals. 3) While this cycle's on-chain narrative innovation is rife with VC-funded "scams," it will ultimately be grand, sweeping narratives that pull the industry out of stagnation. Examples include DeFi in 2020, NFTs in 2022, inscriptions in 2023, and AI Agents in 2024. The scale and persistence of these narratives determine a bull market's strength and the difficulty of post-bubble recovery. An absence of "innovative narratives" would spell real trouble for crypto. 4) The noisy, often polarized, and conflicting voices on Crypto Twitter (CT)—ranging from FOMO to sharp criticism—are largely a manifestation of poor market conditions. It's fine to observe for entertainment, but remember: if the crypto industry were to collapse catastrophically, no o...

Author: haotian

If you want to keep making a living in Crypto, you must understand these principles:

1) Looking back at past cycles, the crypto industry has nearly died and reborn almost every cycle. It's normal to see crashes of 90%, 80%, or 70% followed by a V-shaped recovery and takeoff. High volatility is indeed a fundamental characteristic of the industry, but don't forget, so is its incredible resilience. It just won't die.

2) CEX exchanges have never been the saviors of the crypto industry; to some extent, they don't even belong to it. For trading platforms, collecting 'fees' is eternal. Whether what's traded on their platform are major cryptocurrencies, meme coins, U.S. stock futures, crude oil, or precious metals doesn't really matter.

3) While this cycle's on-chain narrative innovation indeed contains many VC project 'scams,' what will ultimately pull the crypto industry out of its slump will still be grand narratives. Just like DeFi in 2020, NFTs in 2022, Inscriptions in 2023, and AI Agents in 2024, the sustainability and scale of these narratives determine the depth of a bull market and the difficulty of rebuilding after the bubble bursts. But a crypto industry without 'innovative narratives' is truly unsustainable.

4) Crypto Twitter is flooded with voices—some driven by FOMO, some sharp and critical, some antagonistic—all of which are ultimately manifestations of a poor secondary market. Look at them, use them for entertainment, but that's it. If the crypto industry ever faces a catastrophic collapse, no one will be spared. So, as they say, all you great 'stock traders,' please do respect the path you came from.

5) Some vested interests or early OG beneficiaries have withdrawn into seclusion, some have retreated to the background to cause mischief, and some are still persevering and preaching. This isn't the scariest part. What's more frightening is when the majority chooses 'silence.' The cost of this silence will undoubtedly be the continuous intensification of 'bad money driving out good,' and the damage this inflicts on the industry's 'consensus' is the most fatal blow.

Related Questions

QWhat is the author's view on the cyclical nature of the crypto industry based on historical cycles?

AThe author believes that the crypto industry nearly dies in every cycle only to be reborn, with sharp drops of 70-90% followed by V-shaped recoveries being the norm. He highlights that while high volatility is fundamental to the industry, its remarkable resilience and ability to survive are equally inherent traits.

QAccording to the article, why are centralized exchanges (CEX) not considered the saviors of the crypto industry?

AThe article argues that CEXes are not saviors and may not even truly belong to the crypto industry. Their primary business model is collecting fees, and it doesn't matter to them whether they are trading mainstream cryptocurrencies, meme coins, or traditional assets like stock futures and commodities.

QWhat role does narrative innovation play in reviving the crypto industry from downturns, according to the text?

AThe text states that while there are many VC-backed project 'scams,' it is ultimately powerful new narratives that pull the crypto industry out of slumps. Past examples include DeFi in 2020, NFTs in 2022, inscriptions in 2023, and AI Agents in 2024. The sustainability and scale of these narratives determine the strength of a bull market and the difficulty of recovery post-bubble, emphasizing that the industry cannot thrive without 'innovative narratives.'

QWhat does the author suggest about the noisy opinions found on Crypto Twitter (CT) during market downturns?

AThe author suggests that the flood of fomo-driven, sharp, or conflicting voices on Crypto Twitter is largely a manifestation of poor secondary market performance. He advises treating them as entertainment. His core warning is that if the crypto industry were to collapse catastrophically, no one would be spared, and he urges those involved to remember and respect their origins in the space.

QWhat is described as more dangerous than a bear market for the crypto industry in the article?

AThe article posits that collective silence is more dangerous than a bear market. While some early beneficiaries have retreated, turned malicious, or continue to preach, the widespread choice to remain silent leads to the persistent problem of 'bad money driving out good.' This erosion of consensus is described as the most fatal blow to the industry.

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