bitcoin:native NUPL Cycle View Historically, BTC cycle bottoms tend to come after NUPL enters the capitulation zone. Right now, we’ve only briefly tested capitulation, and roughly 80%+ of holders are still sitting relatively comfortably on their BTC bags. That makes a confirmed cycle bottom here less convincing. Ideally, I’d expect BTC to test the capitulation zone at least once or twice more, or spend more time there, before calling a durable macro bottom. So based on NUPL alone: Bottom already in = possible, but unlikely. A deeper/final bottom later in Q4 still looks more probable.(Decentrader)