BTC Four-Year Cycle Series #65

2015 Bear Market Bottom: This indicator took 113 days from near-zero recovery to the bull market recovery peak. 2019 Bear Market Bottom: This indicator took 139 days from near-zero recovery to the bull market recovery peak. 2022 Bear Market Bottom: This indicator took 103 days from near-zero recovery to the second peak of the bull market recovery. 2026 Bear Market Bottom: This indicator has been recovering for 27 days from near-zero so far. ┌── On-Chain Data Details ──┐ The lower indicator in the chart represents the momentum of the realized profit/loss ratio for Bitcoin short-term holders. This indicator compares the "realized profit/loss ratio of short-term holders" with its "1-year moving average" to measure the "acceleration (momentum)" of profit and loss changes for short-term funds, helping to identify macro market trend turning points. When this indicator spikes significantly, it means short-term investors are taking profits at a rate far exceeding the average level of the past year. This typically occurs during sharp price surges or bull market frenzy phases, reflecting that a large amount of recently accumulated profit-taking chips are being rapidly distributed and cashed out.