Before the BTC calf peaked in 2019, the indicator on the chain fell back to a minimum of 69.4%;

Currently, the indicator on the chain has fallen back to 80.3%.

The black line in the figure is the BTC price; the blue line is the percentage of the profitable BTC on the chain to the total BTC circulation (BTC that has not been moved on the chain for more than 7 years is considered to be long-term dormant or lost and is excluded from the calculation).