【 $BTC four-year cycle total cut series 65】

2015 bear bottom: this indicator, from the moment it lifts off zero after sticking to it, takes 113 days to reach the peak of the bull-market recovery phase.
2019 bear bottom: from the moment it lifts off zero after sticking to it, it takes 139 days to reach the peak of the bull-market recovery phase.
2022 bear bottom: from the moment it lifts off zero after sticking to it, it takes 103 days to reach the second-highest point of the bull-market recovery phase.
2026 bear bottom: it has already been 27 days since it lifted off zero after sticking to it.

┌── 🐼 On-chain data details ──┐

The indicator at the bottom of the chart measures the momentum of the realized profit/loss ratio for Bitcoin short-term holders.

This indicator compares the “realized profit/loss ratio of short-term holders” with its “one-year moving average” to gauge the “acceleration (momentum)” of short-term fund gains and losses, thereby helping identify turning points in macro market trends.

When this indicator spikes sharply, it means that short-term investors are taking profits at a speed far exceeding the average level of the past year. This typically happens when market prices surge rapidly or during the peak mania of a bull market, reflecting that a large amount of recently accumulated profitable positions is being quickly distributed and liquidated.