Bitcoin bottom not in yet, according to on-chain analysis

On-chain analysis is fascinating to me. Exclusive to the blockchain, it doesn’t exist outside of crypto. But in jumping on-chain, we can often get intriguing insights into market sentiment, and specific indicators have even been predictive of future price action.  
Of course, given Bitcoin’s short history of just over a decade, it’s not yet clear which indicators are merely coincidences and which carry actual value. But that’s part of the fun, no?
Percentage of Suppl