As the market structure has changed, some on-chain indicators may interpret that the uptrend cycle is already over.
However, it is likely that this cycle will not end as simply as before.
Rather than a single-line flow that ends in a dip after a surge, a longer and more complex cycle could be seen as underway.

Therefore, I think this is a time to wait a little longer than to give up hope.
ETF funds are still not shrinking, and the macro environment is likely to gradually ease. It looks like there could be enough meaningful moves in 2025 at the latest.