351 days since $BTC last ATH at $126,272. Today touched $86,602.

ATH frequency by cycle:
2010: 11
2011: 28
2013: 35
2017: 67 (peak euphoria)
2020: 11
2021: 23
2024: 21
2025: 12 YTD

We're in a chop zone. Lower ATH frequency = consolidation phase. Watch for breakout catalysts or extended range-bound action.