Key Points: The market price of BTC fell significantly below the realized price in November, indicating market distress and potentially signaling a major market bottom.The Reserve Risk indicator hit an all-time low during Q4, suggesting that bitcoin may be undervalued and approaching a major cycle bottom.Despite extreme market volatility, HODLer conviction continues to grow, with a record-high percentage of circulating coins not moving on-chain for more than 6 months.The FTX crisis played a s...