Despite recent stagnation in crypto market capitalization, key on-chain indicators highlighted by analyst "ELI5 of TLDR" suggest the commencement of a new bull market phase. Bitcoin's sustained market dominance, a sub-peak MVRV Z score, moderate Puell Multiple readings, positive HODL Waves trends, and significant miner revenue per hash all support early signs of a bullish trend. Despite some metrics indicating potential overheating, the overarching analysis portrays potential for market growth.