🔥🔥🔥 Bitcoin is in a relatively different cycle: many on-chain indicators are at 4-year lows, which often appear near cycle bottoms. Although price has dropped about 40% from its peak, this is still much milder compared to previous cycles (-75% to -85%). Key signals: Mayer Multiple Z-Score at -1.5σ, levels seen at the 2020 and 2022 bottoms Low Sharpe Ratio → reduced market risk ~39% of supply is in loss → typically late downtrend phase 200-week MA still not fully broken No clear “euphoria peak” (CBBI, NUPL remain neutral) Overall, the data suggests the market has reset significantly but there is still no strong FOMO or confirmed cycle peak. Long-term holders continue to hold rather than sell. 👉 In short: Bitcoin is leaning toward an accumulation phase, but there is still no clear confirmation of a bottom or a new uptrend. #OKXPreIPOPerpsGoLive #TrumpCallsItALoveTap #CoinbaseQ1Loss$394M $BTC