In the on-chain data analysis of BTC, there are two core concepts: 'timestamp' and 'price stamp'. The transparency of the blockchain allows us to observe each on-chain transaction and identify two key details: 1. The time when the chip movement occurs: timestamp; 2. The price at the time of the transaction: price stamp;

When we analyze the transition of phase trends, the data we use, such as turnover cost, profit realization, demand inflow, hot supply, etc., is mainly based on the 'price stamp'. If we want to observe and analyze the timing of the BTC long cycle, we need to use the 'timestamp' more.

Each BTC exists in a certain UTXO, and the timestamp function of UTXO means that each BTC has an age, which does not refer to the time it was mined, but rather the time from the last movement to the current time.

We can distinguish BTC of different ages by the length of time, for example, dividing them into 1 week to 1 month (1w-1m), or 1 to 2 years (1-2y), etc. Typically, we classify BTC that has not moved for more than 6 months (specifically, more than 155 days) as long-term holders (LTH) chips, while others are classified as short-term holders (STH) chips.