After the peak of this indicator in 2017, it took 272 days to reach the bull market top. After the peak of this indicator in 2021, it took 307 days to reach the bull market top. As of now in 2024, 304 days have passed since the peak of this indicator. #BTC: Realized Cap HODL Waves is an on-chain analysis metric that combines the 'realized capitalization' (market value calculated based on the price at which Bitcoin last moved) and 'holding time distribution' of on-chain tokens. It shows the proportion of realized value for Bitcoin of different age groups relative to the total realized capitalization. The indicator in the chart represents the proportion of realized value for Bitcoin that hasn’t moved in 3-5 years, typically signifying 'relatively firm mid-to-long-term holders.' A significant decline in the number of tokens held by such holders often corresponds to the later stages of a bull market.