Just caught this from a CryptoQuant analyst - the NUPL-MVRV indicator is sitting at 0.33 right now. What caught my attention is that historically, market cycle bottoms tend to show up around 0.5, so we're still a ways off from that level. The chart pattern suggests Bitcoin might be working through the middle phase of this bear market cycle rather than approaching the end. Basically, panic selling seems to be cooling down but we're definitely not in capitulation territory yet. The indicator's still pretty far above where previous cycle lows hit, so there's room to go. Interesting to watch how this plays out over the next few weeks.