When commercials flip net negative and large speculators turn net positive, Bitcoin has historically entered stronger phases.

Commercials hedge based on structural demand, not hype. When specs add risk at the same time, it signals appetite returning. In past cycles, this positioning cluster has appeared near market lows — not exact bottoms, but clear turning zones.
With markets waiting on clarity around US–Iran tensions, price remains compressed. Once uncertainty fades, positioning can unwind fast.
Key takeaway: downside looks closer to exhaustion than expansion.
No guarantees of an instant reversal — but heavy sentiment + aligned positioning is where bottoms form, not where crashes begin.