The black line is the price of Bitcoin; the orange line is the realized price of Bitcoin (the realized price of Bitcoin refers to the total weighted average price calculated based on the currency price of all #BTC on the chain when it last moved, that is, the average cost price); The blue line is the difference between the Bitcoin price after normalization of Z-Score data and the realized price of Bitcoin (take the part less than 0).

The blue line "big hole" of this cycle may be complete.