The red line in the chart below is the famous STH-RP (Short-Term Holder Realized Price). In the eyes of many on-chain data analysts, it’s considered the bull-bear dividing line for different market phases. When the price is above STH-RP, it signals bullish sentiment; when it’s below, it signals bearish sentiment. Here’s what we’re seeing right now: STH-RP is higher than the price and is trending downward, with a 7-day rate of change in the negative. What important information is hidden behind this? What’s the underlying logic? And what decisive impact does it have on the market? To explain these questions clearly, we first need to ask: Sometimes STH-RP rises, sometimes it falls—what do you think it’s related to? A: Related to BTC price fluctuations; B: Not directly related to price. Feel free to drop your answers in the comments and share your reasoning. If everyone already knows, then I won’t need to explain further -------------------------------------- (Market conditions aren’t great, but this is the perfect time to calm down, reflect, and learn. Remember back in March–October 2024, I wrote a lot of educational tweets, systematically explaining the underlying logic and application methods of on-chain data. If we can’t make money for now, we can focus on gaining knowledge. If not knowledge, then experience. If not experience, then credentials. If not credentials, then connections. Once we’ve gained all of these, it’ll be impossible not to make money.)