Something I haven't seen anyone talk about that I think matters more than any chart or macro indicator right now:

The quality of founders walking into our pitch meetings has dramatically improved.
Less teams chasing hype narratives or raising capital just because they can.
More founders grinding through the toughest market conditions this industry has ever seen, building products with real use cases and actual cashflow, not just memetic value.
Bear markets kill the tourists and attract the builders. And what I'm seeing right now tells me the next generation of category-defining companies is being built as we speak. Quietly, while everyone else is busy declaring the industry dead.
Yes, the level of innovation definitely still has room to improve. But overall we see less bullshitters, more real builders, so we expect the quality of products to improve accordingly over time.
If that's not the most bullish signal in crypto right now, I don't know what is.