Notice how $BTC's market cap expansion seems to be slowing down each cycle. The parabolic moves we saw early on are becoming less pronounced over time.
It's interesting to see that while the bull runs aren't as explosive as they once were, the bear market drawdowns aren't quite as brutal either. We're seeing a bit of a normalization in volatility across the board for assets like $ETH and $SOL.
This trend suggests we might be nearing a cycle low, but a quick look at past cycles shows the true bottom often takes a bit longer to fully materialize. Don't be surprised if there's still some chop ahead before a true reversal.