Bitcoin's Puell Multiple is signaling we're near, or already at, the cycle bottom. The Puell Multiple tracks daily miner revenues vs. their 365-day average. When miners stop profiting, they sell BTC to cover costs. Historically, that capitulation marks cycle lows. The indicator hasn't hit the green band yet, but like price action this cycle, signals are more muted. Miner distress is still showing, and that historically marks the beginning of the end of a bear market. We'll know within months if $59K holds as the low. But the signs are there.(Lark Davis)