Four-Year Cycle Series (19)

The great path is formless, but cycles have form. The red bear market bottom range has appeared as usual and is steadily developing. ┌── | Indicator Breakdown ──┐ The indicator in the chart represents the ratio of BTC on-chain supply in profit to the supply in loss (excluding coins that haven’t moved on-chain for over 7 years, as they are considered long-term dormant or lost; the ratio uses a 7-day MA). When the ratio < 1, it is displayed in the red range.