What inning of the cycle are we in?

We're in the start of a major bull phase. Look at the signals:

• Pudgy Penguins at $100k floor price, exceeding 1 BTC
• ETH pushing $4k resistance
• Major institutional moves (BlackRock/Fidelity buying $500M ETH in 2 days)
• Bitcoin ETFs surpassing 500k BTC in inflows
• NFT floors exploding across the board (Doodles +72%, Azuki +26%, BAYC up)
• DeFi seeing massive growth (Morpho at $4B deposits, AAVE breaking records)
• Layer 1s making new ATHs (SUI at $4.70+)

But we're still below many 2021 ATHs - AAVE still 50% down from peak, ETH not at ATH. Institutions just starting to enter. This suggests we're early in the cycle with significant upside ahead.