In crypto forums, "Should I sell at a loss?" and "How long will the bear market last?" have become hot topics of discussion, and FUD sentiment (fear, uncertainty, suspicion) has clearly increased. For example, after the Bybit hack, a large number of users on Weibo and Twitter questioned the security of centralized exchanges and called on everyone to withdraw their coins to their wallets, causing panic in the community in a short period of time. It can be said that social media, as a barometer of retail investor sentiment, showed a strong pessimistic tone in February, which reinforced the price trend.