V is up ┌── On-chain Data Details ──┐ The chart indicator measures the proportion of 'new money/hot money' holding Bitcoin for less than 3 months as a percentage of the realized market cap across the entire network. It's used to reflect market speculation intensity and the top/bottom positions of major cycles. When this indicator shows a V-shaped reversal at the bear market bottom, it indicates short-term players switching from net exit to net entry, potentially signaling the end of the bear market and the start of a bull market.