1/ There are 3 stages of a bear market.

We just entered stage 2 🧵

2/ Stage 1: The Unwind

The excitement (and greed) from the bull market still exists.

Mini-narratives pop up for weeks at a time. Assets still have floors. Valuations are cut but companies don't make the tough decisions (kill products, layoffs).

Things seem alright.

3/ Stage 1 doesn't *feel* like a bear market.

It feels like prices have pulled back to "realistic" valuations.

Investors continue allocating, builders keep building...

In general, life is good. Only the weak hands sell.

4/ Stage 2: Forced Capitulation

This is where it gets ugly.

Narratives die. Prices fall 90%... then another 90%. Layoffs across the board.

Mainstream media and cynics rise up in Stage 2. They laugh and shout "I told you!"

5/ Luna sent us into Stage 2.

In Stage 2, diamond hands become forced sellers. They sell not because they want to, but because they have to.

Celsius doesn't want to sell – they might have to sell.

There will be more funds, companies, and individuals like Celsius.