Market regimes are marked by whether the rational bear or bull can express their opinions without being made fun of. Buyer regime: lack of buyer fomo, valuations shift to fair or cheap, price is going down, sellers are fearful of growing losses, bulls are made fun of Seller regime: buyer fomo, seller negotiating leverage, price is going up, valuations are expensive, bears are made fun of Although market participants may see many of their tokens down considerably even after the regime has shifted to favor sellers, the hallmarks of shift in regime are still clear. There’s been significant permanent capital impairment in liquid markets, and it’s fair to assume many of these names won’t return to their q4 2024 levels even if this new regime maintains itself for a month or two. The market has thinned out to slightly higher quality (for now), and those names are the ones directing the regime for now. You can probably watch $hype or $eth discourse as a good proxy.