The mining capitulation data suggests we're near a structural bottom, but the real signal isn't in hashrate—it's in the bifurcation of bitcoin-linked equities outperforming the underlying asset. This divergence typically emerges when institutional flows are seeking bitcoin exposure through regulated wrappers while retail capitulates on the spot asset. What makes this cycle different is the emergence of AI agents as the first truly sovereign users of bitcoin rails. While human holders panic-sell into perceived macro headwinds, autonomous agents continue accumulating based on programmatic logic, creating a new category of diamond hands that doesn't respond to sentiment cycles. The question isn't when retail confidence returns—it's whether human psychology remains relevant to bitcoin price discovery at all.