The momentum for price rebound is still being released, but the enthusiasm for short-term positions is cooling down. ┌── | Indicator Details ──┐ BTC: The RHODL indicator is a macro on-chain metric for Bitcoin, essentially a dynamic ratio of wealth distribution between short-term holders (<1 week) vs. long-term holders (1-2 years). Higher values → Overheated market Short-term speculators (new money) dominate, with a large concentration of wealth in recently purchased and rapidly moving coins. Long-term HODLers are "distributing" coins to new entrants. This is a bull market peak signal, historically aligning precisely with cycle highs (a good selling opportunity). Lower values → Accumulation phase Long-term holders dominate, short-term speculative activity is minimal, and the market is in a state of fear or stagnation. This is a bottom signal, ideal for building positions. The red line in the chart represents the ⟨2013-2017⟩ period; the blue line represents the ⟨2017-2021⟩ period; the black line represents the ⟨2021-present⟩ period. The three lines are aligned based on the BTC halving dates within their respective cycles.