【 $BTC Four-Year Cycle Total Marking Series 55】

After the bull market recovery phase of 2012 concluded, before the main upswing: the final drop before the rally—this indicator fell to below 60% at its lowest.
After the bull market recovery phase of 2016 concluded, before the main upswing: the final drop before the rally—this indicator fell to below 60% at its lowest.
After the bull market recovery phase of 2019 concluded, before the main upswing: the final drop before the rally—this indicator fell to below 55% (ignore the subsequent 312 black swan event).
After the bull market recovery phase of 2023 concluded, before the main upswing: the final drop before the rally—this indicator fell to below 55%.

┌── 🐼 On-Chain Data Details ──┐

The black line at the top of the chart represents the Bitcoin price; the indicator at the bottom represents the percentage of supply that consists of coin holdings on the Bitcoin chain currently sitting in profit (treat coins that have not moved for more than 10 years as long-term dormant or lost, and exclude them from the calculation).