Trader Killa reports that Bitcoin short-term holder (STH) supply has reached "overheated" levels, mirroring market conditions observed during the 2023 macro bottom phase. This metric previously signaled the start of a sustained uptrend on higher time frames after hitting similar highs in the prior cycle. Killa advises investors against relying solely on the Fear and Greed Index for market direction, noting that sentiment indicators often fail to reflect long-term trends. Current market structure suggests sentiment may remain irrational for an extended period despite the potential formation of a new bottom.