163 days after the halving of BTC mining output in 2016, long-term holders on the chain started a bull market distribution

163 days after the halving of BTC mining output in 2020, long-term holders on the chain started a bull market distribution

It has been 143 days since the halving of BTC mining output in 24 years

The indicator in the figure is the percentage of the number of chips of long-term holders on the chain in the total amount. The red line is the ⟨13-17 years⟩ segment of the indicator; the blue line is the ⟨17-21 years⟩ segment of the indicator; the black line is the ⟨21 years-to-now⟩ segment of the indicator. The three lines align the halving days of BTC mining output in each cycle.

Note: The chips of long-term holders on the chain refer to BTC that have not been moved on the chain for more than 155 days (the time is calculated from the last movement of BTC on the chain).