Bitcoin’s price is now holding above $103K. On social timelines, that’s triggered the usual chorus: “It’s overheated.” But I’ve seen this before, and so has the data. Right now, one of the most critical miner flow signals — the Puell Multiple — is not blinking.

In my view, this kind of compression is where meaningful expansions begin. Not during euphoria, but when conviction remains high and miners aren’t rushing to sell.