The upper indicator in the figure is the Bitcoin price, and the lower on-chain indicator is the 365-day MA of Bitcoin’s relative realized loss (#Bitcoin : Relative Realized Loss).

The current indicator value on the chain is 0.07315%, which is 0.07319% on February 16, 2016.

Note: The total dollar loss of BTC that moves on the chain at a loss during a period of time is called realized loss (Realized Loss). Divide the realized loss by the total circulation of BTC at that time to get an average realized loss of #BTC per coin. Loss is called Relative Realized Loss.