Based on the current monthly return rate, Put-Call ratio, and exchange fund flow data:

1. Trend aspect: The bear market has established a continuous decline into Q4 2025 (especially with a 17.67% crash in November), breaking the bullish logic. Its pattern is highly consistent with the deep bear markets of 2018 and 2022. Statistically, this is a clear signal of an ongoing downward trend.

2. Valuation aspect: The Put-Call ratio has fallen back to 0.83 (<1.0) into the undervalued zone, indicating that bubbles have been squeezed out and assets have entered a "value undervaluation range." However, it should be noted that this value has not yet reached the historical extreme bottom of 0.5 (the miner surrender line), implying there is still room for further decline.

3. Fund aspect: The existing stock market game shows a general net outflow of exchange funds, with only leading platforms maintaining their stock levels. The market is in a risk-averse contraction phase.