Everyone is waiting for Bitcoin's final 'panic crash.' But is it possible that— This time around, there’s no need for a real Capitulation? NUPL is still in the Hope/Fear zone, and we’re still some distance away from the deep panic levels seen in history. But don’t forget: Every bull and bear cycle is becoming more 'mild.' Bull markets aren’t as crazy as before. Bear markets aren’t as brutal as before. So, this time, the 'final drop' everyone is expecting might not even happen. If it does happen, I think it’ll be in the next few months. But no matter what— High leverage will always be the first target for liquidation in the market. Spot holdings are the only ones qualified to wait for the next bull run.