【Enjoy the carved boat】

Currently, the BTC on-chain indicator is down to 0.545, historically:

On January 2, 2017, the BTC chain indicator dropped to 0.544;

On December 14, 2020, the BTC on-chain indicator dropped to 0.545.

It is worth mentioning that these three times were all when the currency price broke through the previous high.

The upper black line in the figure is the BTC price; the lower orange line is the ratio of the price spent by long-term BTC holders (holding the currency on the chain for >155 days) to the price spent by short-term BTC holders (holding the currency on the chain <span days) over 90 days. Moving average.

Note: Spent Price refers to the weighted average purchase price of BTC sold by holders on the chain within a period of time.