I believe downturns in the market are necessary to clear out the ponzi schemes and useless tokens that are naturally pumped during the mania phases. As the newcomers who invested solely based on hype are driven out, we build a solid foundation for a new runup. Many forget that we are still up hundreds of percent year over year. While it is definitely possible we are entering a longer bear market, my view is that we have already bottomed. Over the counter and institutional demand has been rising over the past several days.
Regardless of the short term price trends, holding long term is very rewarding, particularly because a majority of gains are concentrated over a short period of time. Holding is the only way to ensure exposure during the few days where the majority of gains are seen. It has been demonstrated the average retail investor in the stock market earns only 4.2% per year (before taxes and inflation), far below the average market return...the same phenomenon may be seen in the crypto market.