Four-Year Cycle Total Engraving Series (8)

271 days from the peak of this indicator in March 2017 to the bull market top 306 days from the peak of this indicator in January 2021 to the bull market top 335 days from the peak of this indicator in November 2024 to $126k BTC: Realized Cap HODL Waves is an on-chain analysis indicator that combines the 'realized capitalization' of on-chain coins (market value calculated based on the price at which Bitcoin last moved) with 'holding time distribution,' showing the proportion of realized value of Bitcoin of different age groups to the total realized capitalization. The indicator in the chart represents the proportion of realized value of Bitcoin that hasn’t moved within 3-5 years, typically reflecting 'relatively firm mid-to-long-term holders.' A significant decline in the number of coins held by such holders often corresponds to the later stages of a bull market.