Funny how STH supply reached overheated levels last cycle after breaking away from the macro bottom, just like it has this cycle. That’s another sign the bottom is in. Even after reaching those levels in 2023, BTC still continued to grind higher while respecting the HTF trend. That’s exactly what we’re seeing now. Don’t get fooled by the Fear & Greed Index. The market can stay irrational far longer than most people expect.