In the middle of the 16-year bull market, this indicator peaked, 354 days away from the bull market top at the end of 2017. In the middle of the 20-year bull market, this indicator peaked, 352 days away from the bull market top in the first half of 2021. In the middle of the 24-year bull market, this indicator peaked, and 57 days have passed since then. The indicator at the top of the chart represents BTC price; the indicator at the bottom represents the proportion of BTC that has not moved on-chain for 6-12 months (weighted by Realized Cap, using a 7-day MA). It is worth mentioning that historically, during this period, the price has experienced three major corrections (indicated by the blue arrows in the chart). Please follow, and if you have any questions that need consultation or want to discuss and learn together, check out the introduction to the cooking industry, and avoid unnecessary entry into the circle.