maybe the ratio is a good indicator of where we are in the cycle

I noticed something today. Things are really going slow on this subreddit. We have a 0.91 ratio and we only have so many new posts per hour. A few months ago you could just keep commenting, then hit refresh and comment again. Right now it takes a few minutes before a new post appears. Even longer.

Meanwhile BTC went from 16.000 to 22.000 in very short time. I'd have expected the ratio to go down, because people come back to comment, because things are looking brighter. But it looks like some people have left the Cryptospace for good. They're not just waiting on the sidelines to jump in again.

In my experience, Bearmarket doesn't end before a lot of people have turned away. I bet there is a mathematical explanation or statistical explanation for that but I'm just talking from experience.

So, while I don't believe, that the bearmarket is over, I think we did find the bottom.