Feels like we're experiencing some mid-bear market complacency in crypto. The leaders are starting to show signs of weakness after reaching aggressive valuations. Although recent liquid fund surveys suggest cash levels are elevated and people expect higher btc dominance, the same survey suggests that people believe majors will be up materially through eoy and they're overweight majors/bluechip defi. It's hard to see on-chain kpis materially inflecting, so although valuations are much lower than 6 months ago, the range of fair valuations has compressed as well.