In the major cycles of BTC history, this indicator has experienced 5 major peaks—— Four peaks appeared before the bull's peak (February 2013, October 2013, December 2016, November 2020) One peak appeared at the top of the cow (October 2021) The current indicator has also reached a considerable height The indicator in the figure represents the percentage of chips in a floating profit state among long-term BTC holders (holding>155 days) on the BTC chain, as a percentage of the total BTC circulation