Nic Carter was on Pomp's podcast talking about how this is what happened last bear cycle. He went onto say that he thinks the cycle's bottom will be when miners have completely emptied their bags.

Preston Pysh on WBD implied the bottom wasn't in yet either.

I don't like to time markets, but they seemed strangely consistent on the macro. It might just be the Twitter echo chamber, but they came to the same conclusion from different angles - on-chain analysis vs macro analysis.