As BTC plummeted from $60K to $80K, Overall market improvement: ETF continues to see net inflows, while Coinbase spot prices have increased, Hyperliquid's long position reached its highest level since the end of 2025. But Glassnode's latest research report poured cold water on it: The monthly net inflow of Realized Cap is only $2.8 billion, What was the start period of the last bull market? Over 10 billion per month, 2.8 billion is enough to sustain a rebound, but not enough to sustain a breakthrough. What's even more interesting is: If $60K is the bottom, This will be the shallowest bear market in BTC history, When the flash crash occurred in February, Relative Unrealized Loss only reached 25%, Far below the extreme reading of the historical bottom. The advantage is that no one is deeply involved, The downside is that the person who should have been washed didn't wash it off. translate: The market sentiment has switched back from fear to neutral/uncertain, But it is far from reaching the start of a bull market, more like a major rebound in a bear market.