In the 16-year bull market, this indicator peaked 354 days before the bull market top at the end of 2017.
In the 20-year bull market, this indicator peaked 352 days before the bull market top in the first half of 2021.
In the 24-year bull market, this indicator peaked 57 days ago.
The upper indicator in the chart represents the BTC price; the lower indicator 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 cryptocurrency price has experienced three major corrections (indicated by the blue arrows in the chart).
