The crypto market isn't flashing euphoric overvaluation signals right now. We're sitting in a different phase—one where valuations still have breathing room, and sentiment hasn't reached those irrational peaks that typically precede major corrections. The data tells an interesting story: price action remains robust, but it's grounded in fundamentals rather than pure speculation. This isn't the frothy environment where every token pumps regardless of utility. Instead, we're seeing selective strength—projects with real adoption and use cases outperforming noise. The market has learned from past cycles. Participants are more discerning, capital allocation is more deliberate. Whether this discipline holds depends on what happens next, but for now, calling this a euphoric bubble misses the nuance of where we actually stand. Smart money's engaged, retail's cautious, and valuations reflect a more mature market. That's the real story.