The current BTC on-chain indicator has dropped to 0.307, which is 0.310 on December 17, 2020 and 0.307 on April 21, 2017.

It is worth mentioning that the coin prices for these three times were all near the top of the previous round of bull market.

The upper indicator in the figure is the BTC price; the lower on-chain indicator is the ratio of the average purchase price of BTC long-term holders to the average purchase price of BTC short-term holders.

Note: The average purchase price of BTC long-term holders refers to the average purchase price of BTC that has not moved on the chain for more than 155 days; the average purchase price of BTC short-term holders refers to the average purchase price of BTC that has not moved on the chain for <span days.

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