Just caught this from a CryptoQuant analyst on X - the NUPL-MVRV composite reading hit 0.33, which is interesting because historically the real bottom of a market cycle tends to show up around 0.5. So we're not there yet. The chart actually shows things are starting to trend upward within the bear market cycle, which suggests we might be somewhere in the middle stages right now. That's actually a decent signal - it means the panic selling is cooling down a bit. But here's the thing: we're still pretty far from that historical bottom range, so I wouldn't say we've hit a full capitulation event yet. The market cycle doesn't seem to be finishing anytime soon, but the extreme fear is definitely easing up. Interesting to watch how this plays out over the next few months.