Big Mad Cow has just started. It is for reference only and does not constitute investment advice.

Currently, the number of long-term holders’ chips on the BTC chain that are still losing money accounts for the total number of long-term holders’ chips (orange column in the picture), which has dropped to 4.4%. Looking back at history:

On January 26, 2013, the orange column dropped to 4.4%;
On November 16, 2016, the orange bar dropped to 4.5%;
On October 24, 2020, the orange bar dropped to 4.5%.

It is worth mentioning that the above three time points are all in the initial stage of the Big Mad Cow.