Monitoring the weight of short-term chip turnover is aimed at observing the proportion of US dollar value carried by "newly transferred BTC on the chain"; You can understand it as the weight of short-term funds' activity on the chain. This part usually corresponds to the latest trading behavior - short-term speculation, arbitrage, profit taking, panic selling, etc., almost all of which will go through this caliber first. An increase in numerical value means that the turnover dominated by short-term funds is intensifying, and the typical scenario is when the market is volatile; For example, every time the main uptrend of a bull market starts, the index will suddenly surge. A decrease in numerical value means that short-term turnover has cooled down, and more economic value is deposited in longer-term chips (LTH); The usual corresponding scenario is the bottoming/accumulating stage of sideways or low volatility. I have drawn the current value with a red line in the picture. Extending the X-axis to the past 15 years of BTC, it can be seen that there are very few periods in history where the value is lower than the current value (highlighted in red). And every time it's in the bottom zone of the bear market's lowest point. So did you understand? ---------------------------------------------------- By the way, what I have been discussing recently are judgments and viewpoints based on long-term, general direction, and relative position, and short-term long and short positions are not within the scope of discussion. If you don't agree, no problem, please flip out these tweets and hit me in the face in 2 years. I promise not to delete the tweet!