AllianceDAO co-founder QwQiao: Most savvy traders have turned bearish, and market sentiment is becoming increasingly cautious.

AllianceDAO co-founder QwQiao stated that most experienced traders and long-term investors have turned bearish across different timeframes, and the overall sentiment in the crypto market has clearly become more cautious. QwQiao said he has been cautious about market trends since mid-September. While he remains optimistic about the industry's long-term prospects, he believes that moderately reducing positions is a more rational choice given the convergence of multiple signals. He pointed out that the market may be currently in a phase of structural divergence: AI concept stocks continue to rise, while other assets, including crypto assets, face continued pressure.