Bear Market Phase 1: alts big dump, a large number of alts explode.

Phase 2: Bitcoin has been chopped in half, alts have at least corrected 90% from their highs;
Stage 3: Miners sell off, large institutions are liquidated;
Stage four: Multiple small exchanges collapse, and a major exchange collapses; during this stage, a mainstream public chain will also collapse.
Fifth phase: oscillating and shrinking volume decline exploding long contracts.
Then welcome the Bull Market with more short positions than long positions!