Puell multiple says we're nowhere near a cycle top. Miners aren't printing profits like peaks.
DEX volume as percentage of CEX volume just hit 22% — highest ever recorded. This matters.
Protocol revenue metrics across DeFi up 65% QoQ. Price hasn't reflected this divergence yet.
Long-term holder supply crossing a key threshold. When LTH supply grows, price follows eventually.
Hash rate hit all-time high despite price suppression. Miners adding capacity — not bearish behavior.
