Is it a bull market now? Not yet. Is it still a bear market? Not really. So, what is it now? Answer: We're currently in the early phase of liquidity recovery for long-term holders (LTH). The entire process of LTH distributing their holdings in a profitable state to short-term holders (STH) corresponds to a full bull market cycle. Its starting point is right when early liquidity begins to recover. So... since it's still early, what are we so anxious about? Look at the peaks that followed the same position in history—today's ups and downs are just flat ground!