According to @glassnode, a meaningful transition back to a strong rally should appear in liquidity-sensitive on-chain metrics, with the Bitcoin Realized Profit/Loss Ratio 90D-SMA sustained above about 5 historically signaling renewed liquidity inflows and strengthening bullish conditions. According to @glassnode citing Bitcoin Vector, the combination of a sharp drop in Network Growth alongside a High-Risk environment has historically acted as a leading indicator for BTC, with Bitcoin often lagging before sustained bullish trends and the potential for a significant rally.