LTH-NUPL, as one of the effective tools to measure long-term holders' stress and sentiment, is also an indicator that has rarely been wrong historically. When LTH sentiment stress falls into the 'red capitulation' range, it has always been an excellent bottom-buying opportunity. Currently, LTH-NUPL is around 0.2, sitting in the 'orange fear zone.' If our goal is to build a long-term position, this could be considered within range. However, since the participation structure of LTH in this cycle is somewhat different from the past, we cannot be certain whether the 'capitulation zone' will or will not appear later. But based on historical experience, the probability is high. That said, transitioning from 'fear' to 'capitulation' does not necessarily mean prices will drop significantly. Sometimes, prolonged sideways consolidation can also cause NUPL to shift from orange to red. So, if you want to make the bottom-buying process more precise, it's still important to plan ahead, manage your pace, and control your position size wisely.