Look at this interesting signal I'm seeing here. The Mayer multiple of BTC has dropped to 0.65, and that led me to research when we last saw this. I found: it was at the bottom of the bear market in May 2022, you know? Like that moment when many people thought it was the end.

The Mayer multiple is one of those on-chain indicators that I don't see many people talking about, but when it reaches these extreme levels, it usually means the price is far from the 200-day moving average. Basically, BTC is well below what would be considered 'normal' historically.

The question is: if the Mayer multiple is at this critical level, maybe we're entering the heaviest part of this correction. I'm not saying it's the bottom, but the indicator is screaming that things could get even more severe before they get better. This is the kind of thing worth keeping an eye on.