If practice is the sole criterion for testing truth, then a market decline is the best way to test the "purity" of market confidence. During rallies, investors feel relaxed and cheerful; it is only when paper profits begin to shrink—or turn into losses—that their true sentiments are revealed. In this sense, a downturn is truly the market’s "philosopher’s stone" for revealing genuine sentiment. Let’s compare the data performance of BTC during two recent declines: September 14–15 and September 23–24. Despite similar downward ranges, the peak hourly realized loss during the first period averaged $5.3 million, whereas the current decline has seen only $2.4 million—less than half. Even more notable: the September 23 decline began from a higher price point of $87,000. Logically, if market sentiment were deeply divided, fear of high prices should be stronger. A pullback would then trigger greater emotional volatility and correspondingly higher hourly realized losses. But in reality, we have not observed this. This suggests that overall market sentiment remains relatively stable. Compared to the hesitation and concern of a few, the broader consensus remains intact—confidence in the trend persists, and investors are not alarmed by pullbacks. As more participants become "unafraid," the result is shallower declines: fewer sellers, more buyers waiting to accumulate on dips, and consequently, greater price resilience. At least, that’s the signal current data conveys—unless an unexpected event disrupts this consensus, stay attentive! ------------------------------- Accurately identifying shifts in market sentiment is critical for trading decisions. But the challenge lies in the fact that "sentiment" is invisible and intangible. We often mistake a few news headlines or opinions from a few influencers as representing the entire market. Judging sentiment cannot rely on "feelings." What truly matters is observing what the market chooses with real money. These actions never lie—and that is precisely where the value of data lies.