Before the BTC calf peaked in 2016, the lowest indicator on the chain fell back to 1.6;

Before the BTC calf peaked in 2019, the indicator on the chain fell back to a minimum of 2.1;

Currently, the indicator on the chain has retreated to 5.2.

The black line in the figure is the BTC price; the orange line on-chain indicator is the ratio of the number of BTC in profit to the number of BTC in loss among the BTC held by short-term BTC holders (holding BTC on the chain for <span days) .