Been tracking crypto market cycles since 2017, and what we're seeing now matches historical bear market patterns pretty closely. User engagement metrics have been sliding for months—similar to what happened in previous downturns. At the same time, crypto projects are tightening their belts on marketing spend, which only amplifies the bearish sentiment. When both user activity and advertising budgets drop simultaneously, it signals we're deep in true bear market territory. The correlation is pretty hard to ignore.