Puell multiple says we're nowhere near a cycle top. Miners aren't printing profits like peaks.

Token velocity dropping as staking and locking mechanisms mature. Supply reduction is now structural.

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Protocol revenue aur token price ke beech ka disconnect dekho: Uniswap ne $1.8B quarterly revenue generate kiya lekin UNI token 18 months mein 60% down tha, yeh dikhata hai ki sustainable tokenomics aur actual cash flows alag cheezein hain.

MVRV Z-score entered the green zone. That's historically aligned with strong forward returns.