Have we reached the classical apathy stage of the emotional market cycle? Pending black or white swans is this the real accumulation phase?

I believe on paper we're in the longest bear market in cryptocurrencies life cycle, we've been floating in this comparatively stable range for what is an extraordinarily long time when viewing historical crypto trends. Our volatility is close (is literally?) the lowest it's ever been over this type of time cycle. If it weren't for the talk of a spot ETF we might have sat in the lower side of this zone even now, and our recovery from the post ETF delay news hasn't exactly been explosive. Posts here positing there'll be some enormous price spike or crash in the near future are approaching near zero.

Right now it doesn't feel like people are doomsaying a big leg down, nor is anybody expecting a bullrun prior to 2024 or later. There's absolutely no talk about it, and the user numbers on this board are indicative that we've reached the peak of disinterest. As I write this there's only 4000 users online, outside of flashes in the pan around certain projects we really haven't seen any significant excitement on this board in what feels like ages.

Personally traffic and posts here are one of the best indicators of the hype cycle in the market to me. It's also interesting to me that the downturn comes despite it being the best financially incentivised place to post on the internet. On a personal level I haven't been reading or posting anywhere near as much, despite remaining just as committed to cryptocurrency as I've ever been. The last time my personal engagement lulled this badly was in the prior crypto winter, almost immediately before the COVID explosion.

What is evident is that long term holders are unshakeable in this range, there was barely any reaction or movement during the last big retracement, and there's also fairly limited accumulation right now, the vast majority of people seem to be like me, just patiently sitting on their hands with limited disposable income compared to the last few years.

Just food for thought, I know there's some theories about price volatility becoming more elastic the longer it sits in the one place, so it makes me wonder if we're all going to be taken by surprise in one direction or another by some pretty minor news.