Many brothers, why has BTC been fluctuating so much recently? Has the bull market ended with its ups and downs? I still use on chain data metrics to answer: one ️⃣ BTC long-term and short-term holder relationship indicators: If the Bitcoin supply of long-term holders (LTH) holding for 6 months to 3 years is divided by the Bitcoin supply of short-term holders (STH) holding for no more than 6 months, an indicator reflecting the ratio of long-term holders to short-term holders can be obtained. This indicator can be interpreted as follows: High value (>1): The supply controlled by long-term holders is greater than that of short-term holders. This usually indicates that the market is in an accumulation stage, the market structure is more stable, and the possibility of short-term fluctuations is smaller, as long-term holders are unlikely to sell when the market fluctuates slightly. Low value (<1): The supply controlled by short-term holders is greater. This may indicate an increase in market speculation and volatility. The current situation is that the indicator is below 1 and has entered the orange zone. We can see from the history of BTC prices that when the data is below 1, the BTC price will rise. The smaller this value, the higher the BTC price for the current situation. It means the arrival of a bull market. In fact, we can see the entire process of 24 years. This value fluctuated between 1-1.7 and has now fallen to a level below 1, indicating that the BTC price has entered an upward period and the previous decline has ended! When the value falls within the range of 1-1.25, which indicates a relatively stable BTC price, it is advisable to make a regular investment. two ️⃣ The outflow of funds from BTC holders Next, we will examine the outflow of funds from BTC holders (large account 100-1000 BTC and small account 10-100 BTC). It can be observed that both groups have experienced fund outflows since September 2024. However, it can be seen that when purchasing BTC, large holders have been actively buying BTC since the end of 2024. As large holders have been buying for a period of time, small users have also started buying BTC in batches. And it can be found that although the market has been rising, they are still accumulating BTC. And the recent price correction is also due to the previous outflow of BTC assets by large and small accounts, but when the market stabilizes and can be discovered, they are ready to continue accumulating BTC assets. The average cumulative value of the current large account holding group is 153000 BTC, while the average cumulative value of the small account holding group is 134000 BTC. Based on the comprehensive data on the chain, the current situation is still healthy. We reject noise and patiently hold onto it. BTC