Bitcoin’s current decline has been smaller than in previous major bear markets. That is useful context, but it does not confirm that the market reset is complete. Price drawdown alone cannot show whether selling pressure has cleared, participation is returning or liquidity is improving. At @triremetrading , we look beyond the headline decline to the wider market structure: liquidity, positioning, capital flows and the quality of participation. A smaller decline does not necessarily mean the cycle is finished. What matters next for bitcoin:native - Liquidity - Participation - Positioning - Capital flows - Catalyst Source: @glassnode Historical comparison for informational purposes only; not a forecast or trading signal.