Been reading some takes from derivatives traders lately and honestly I'm not fully convinced we've actually hit bottom for Bitcoin yet. The derivatives market is showing some interesting signals but not the kind of extreme capitulation you'd typically see at real cycle lows. It's weird because on the surface things look pretty rough, but when you dig into the derivatives positioning and funding rates, something still feels off. Like we might be in that awkward middle ground where retail has panic sold but the real capitulation trade hasn't fully played out. The derivatives data just doesn't scream 'everyone gave up' to me yet. Curious what others are seeing in the order books and on-chain metrics though - could be missing something. What's your take on where we actually stand right now?