The Four-Year Cycle Series

2015 bear market bottom ($150), on-chain active supply ratio dropped to 22.9% 2018 bear market bottom ($3100), on-chain active supply ratio dropped to 23.2% 2022 secondary bear market bottom ($17.6k), on-chain active supply ratio dropped to 22.4% Currently, on-chain active supply ratio has dropped to 19.6% ┌── | Indicator Details ──┐ The top indicator in the chart represents BTC price; The bottom indicator represents the percentage of the total purchase cost of BTC on-chain active supply (held for less than 3 months) relative to the total purchase cost of all supply.