Terra has given us a unique microcosm into what true capitulation looks like, and the emotions and posts there very clearly mirror the lowest lows of crypto winter last cycle. If you're wondering how you will feel if this bear market continues for 3-12 months, go look at their reddit. That's how you'll feel.
What makes this part of the cycle feel different is that over leveraged bets caused the crash after BTC hit 20k. This time, it's rising interest rates. The primary advantage we have as retail investors is that we can see the interests rates rising with decent clarity. The amount of leverage back then felt nebulous. Notice how few people blame this on whale manipulation in comparison to let time. Don't expect the lows to be as unclear as last time, since we can basically look to the NASDAQ to know where we will go day to day.
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