This bear market bottom, this indicator reached a peak of 84.2%. ┌── On-Chain Data Details ──┐ BTC: Realized Cap HODL Waves is an on-chain indicator that breaks down Bitcoin's Realized Cap (the total market value calculated based on the price at which each coin last moved) into different bands based on holding time (HODL age), showing the proportion of "real cost" across different age groups. The lower indicator in the chart represents BTC: Realized Cap HODL Waves for coins held for more than 3 months, meaning the proportion of Realized Cap corresponding to all Bitcoin that hasn’t moved for at least 3 months. When this ratio increases → Long-term holders (diamond hands) are accumulating or staying put, reducing market selling pressure. This is usually seen as a signal of accumulation/confidence strengthening. When this ratio decreases → More mid-to-long-term holders are starting to move or sell, which could indicate profit-taking or panic selling. This is one of the commonly used indicators to measure whether "smart money/old money" is holding strong.