Sentiment Says Crypto Is Finished. The Data Says the Opposite. Everyone is staring at the short-term fear. Almost nobody is connecting the macro. For weeks now, the loudest charts on the timeline have been calling for a major top. Bearish divergence here. Sentiment oscillator there. “Cycle’s over.” “Bull run done.” But under the surface… something completely different is happening. • PMI is bottoming after record-breaking contraction • Business cycle expansion is next • QT ends in days...only the second time in history • Liquidity pressures are about to disappear • Crypto has quietly been in a multi-year bear market already(Dan Gambardello)