AllianceDAO co-founder QwQiao has observed a shift towards bearish sentiment among savvy traders and long-term investors across various timeframes, indicating a cautious mood in the crypto market. QwQiao expressed concerns about the market since mid-September, suggesting that reducing positions might be a prudent choice given the convergence of multiple signals, despite maintaining long-term optimism. He highlighted a potential market structure where AI-related stocks continue to rise, while other assets, including cryptocurrencies, remain under pressure. This trend has persisted for several months, according to QwQiao.