In the middle and early stages of the previous bear market ┌── | Indicator Details - The gray line in the graph represents the BTC price; The red line represents the average Short Term Holder Realized Price for Bitcoin; The blue line represents the True Market Mean Price of Bitcoin in the real market The average purchase cost of Bitcoin for short-term holders is calculated as the average purchase cost of chips held by short-term holders (usually defined as coins held for less than 155 days and recently moved on the chain). Reflects the average purchase cost of recent market newcomers (often referred to as "weak hands" or active traders) The average purchase cost of Bitcoin in the real market is also known as the "active investor price". It is not simply the average implementation price of all coins, but specifically for coins that are actively traded in the secondary market: the calculation formula is Investor Cap (excluding Bitcoin mined by miners but not traded in the secondary market) divided by Active Supply (time weighted active supply, excluding long-term dormant and lost coins). Reflects the true average purchase cost of truly active investors in the market (excluding miners' new coinage, lost coins, and long-term inactive positions), which is considered the aggregated purchase cost model closest to the "true market mean" The average cost of purchasing coins for short-term holders focuses on the cost of "short-term, sensitive groups", which is suitable for short-term sentiment and support/pressure judgment; Real market average purchase cost focuses on the real average of "active investors in the entire market", suitable for medium to long term trends and bull/bear boundary judgment The combination of the two can provide a more comprehensive understanding of the cost structure and long-term market trends of different groups of Bitcoin holders