Recently, the bearish voices in the market have become ridiculously loud.

The US stock market is being compared to the 2008 crisis, the A-shares are said to be entering a harvesting phase, and the crypto market is even more exaggerated—altcoins are being called worthless, and even gold has become a "danger signal." Talk of bubbles is everywhere, as if everything is going to crash tomorrow.

But this drama plays out every year. Remember that wave back in March and April? At that time, the market was also full of wailing cries—“crypto is over,” “stock market crash”—shouted at deafening volumes. And what happened? Before long, the market quietly rebounded. Things look dangerous now, but the fundamentals just don't support the script of an “across-the-board crash.”

Does the US have the kind of systemic risk that led to the 2007 subprime crisis? No. Economic data is volatile, but we’re still far from a real blowup. Domestically, there’s no trigger for a major meltdown either. Most of this bearish talk is collective anxiety after emotional contagion.

The crypto market needs to be viewed with nuance: those altcoins hyped up on stories with no real use? Their bubbles bursting is inevitable. But core assets like Bitcoin and Ethereum are different—there’s long-term capital accumulation there, and it’s about liquidity and policy direction; you can’t lump them all together.

Here’s the key: the global easing cycle isn’t over yet. Rate cut expectations, fiscal stimulus, liquidity releases—these tools are still being used by countries everywhere. As long as the liquidity tap isn’t turned off, capital will keep flowing into risk assets. That’s the underlying logic of price increases—not something a few scary statements can change.

Don’t get caught up by extreme opinions: when the bearish noise is the loudest, it’s often because some people missed out and want to create panic so they can buy cheap. What does smart money do? They accumulate positions at low points in batches, not panic with the crowd.

A crash is still far off, and the liquidity story isn’t over. Rather than letting talk of “bubble tops” make you anxious, it’s better to return to fundamentals—when things get scary, observe more and act less, which is often ten times better than acting blindly.

Timing, position sizing, pacing—if you really understand these three, you can avoid years of detours.