Every bear market is different, but investor behavior doesn’t change.

The short dollar trade is the most crowded it's ever been. This happens *just* as the dollar hits multi-year trend support

Adding to the crowded US dollar short trade, CTAs are also quite net short here, via Deutsche Bank

In each of the last four bear markets (2018, 2020, 2022, 2025), investors ran for the exits, selling in fear

We knew it was getting extended