August 2024: BTC bottomed out during the pullback (49k), this indicator was on the right side April 2025: BTC bottomed out during the pullback (74k), this indicator was on the right side Currently, this indicator is still on the left side The chart shows the ratio of 'Bitcoin on-chain long-term holder supply' to 'Bitcoin on-chain short-term holder supply.' It’s used to evaluate the distribution of holder behavior and market sentiment in the Bitcoin market. By excluding coins that are likely lost, held permanently, or inactive for an ultra-long term (>7 years), it focuses more on the ratio of 'relatively active' long-term holders to short-term holders. High ratio (long-term holder supply dominant): Indicates that more Bitcoin is controlled by relatively active long-term holders (typically defined as coins held for more than 155 days but less than 7 years). This often reflects higher confidence among market participants in Bitcoin's long-term value, signaling an accumulation phase or bear market recovery. Long-term holders are considered 'smart money' or 'strong hands,' and their dominance may suggest price stability or potential future growth, as they are less likely to sell. Low ratio (short-term holder supply dominant): Indicates a higher proportion of short-term holders (typically <155 days), suggesting the market leans more toward speculative behavior. This could signal short-term hype, FOMO, or weak hands entering the market, which may lead to increased price volatility or pullbacks.