Looking at $BTC's 1-year rolling return right now. This metric matters because it shows you where we sit in the cycle rhythm — are we still in expansion mode, cooling off, or already deep in drawdown territory? When 1Y ROI is elevated but starting to roll over, that's often your first whiff of cycle exhaustion before price confirms it. When it's compressed and turning up, you're early to the next leg. Right now, we're somewhere in between those extremes, which means the next few months of data will tell us if this cycle still has room to run or if we're setting up for a longer consolidation phase. Keep this on your radar alongside liquidity conditions and the halving math — it's one of the cleanest ways to gauge where we are in the multi-year clock without getting lost in daily noise.