Earlier in this series we set out a framework for reading Bitcoin cycle tops: no single chart calls a peak, but when on chain valuation, trend models, flow data and sentiment begin to flash simultaneously, the probability of exhaustion rises materially. That piece was written into a market trading near $126,000. This is the same framework, read from the other end. Bottoms are harder to read than tops, and the difficulty is behavioural rather than analytical. At a top, the indicators argue again

Bitcoin was once treated as a purely speculative asset, a store of value that produced no yield. That view has steadily fallen away. In today’s maturing market, BTC is no longer a dormant holding. It is becoming a productive asset, and the strategies for putting it to work have grown more sophisticated and more institutional. Over the past year, BTC-backed borrowing has become a core tool for miners and long-term holders who want liquidity without selling. Alongside it, a widening set of yield