Just caught this on CryptoQuant - the NUPL-MVRV indicator hit 0.33 and honestly it's got me thinking about where we are in the market cycle. Historically, the real bottom tends to show up around 0.5, so we're still a fair bit above that. The chart is pointing upward though, which is interesting. Looks like we might be somewhere in the middle of this bear market cycle rather than near the end. That means the panic selling is starting to ease up, which is usually a decent sign. But here's the thing - we're nowhere near the historical floor yet, so I wouldn't call it a full capitulation. The market cycle still has room to play out. Keeping an eye on how this develops.