At the bottom of the previous three cycles in history, the currency price touched the last of the four fatal supports, "Delta Price", but it did not hit the bottom of this cycle (15.5k after the FTX thunderstorm).

This may be able to effectively explain the sentence "There is no mad cow or deep bear" from the perspective of #BTC on-chain data.

Note: Delta Price = (BTC realized market value - ∑ (BTC market value) / creation block to today) / BTC total circulation, where BTC realized market value can be understood as calculated based on the average purchase cost of all BTC on the chain The total market capitalization of BTC.