$BTC might be bottoming but don't get comfortable yet.
LTH aNUPL just flipped negative while we're ~50% off cycle highs. Classic macro bottom structure forming.
Stress is climbing but we haven't hit full capitulation levels yet. If long-term holders take deeper losses, expect another leg down. Watch for recovery back toward 0 - that's when absorption kicks in.
Bottom's building. Question is whether we retest lower first.
LTH aNUPL just flipped negative while we're ~50% off cycle highs. Classic macro bottom structure forming.
Stress is climbing but we haven't hit full capitulation levels yet. If long-term holders take deeper losses, expect another leg down. Watch for recovery back toward 0 - that's when absorption kicks in.
Bottom's building. Question is whether we retest lower first.