522 days after Bitcoin's halving in 2016, this indicator hit the bull market peak, with a margin of error of 3 days compared to the 2017 bull top. 533 days after Bitcoin's halving in 2020, this indicator hit the bull market peak, with a margin of error of 13 days compared to the 2021 bull top. 514 days have passed since Bitcoin's halving in 2024. $BTC: Realized HODL Ratio is an analytical tool based on Bitcoin on-chain data. This indicator originates from the concept of HODL Waves but has been improved: it uses Realized Value HODL Waves, which groups Bitcoin's unspent transaction outputs (UTXOs) by holding time and weights them by the price at which each UTXO was last moved (Realized Value). The specific calculation formula is: RHODL Ratio = (1-week RHODL band / 1-2 year RHODL band) × market age (in days) • 1-week RHODL band: Represents the total realized value of Bitcoin moved within the last week (reflecting the behavior of short-term holders or new entrants). • 1-2 year RHODL band: Represents the total realized value of Bitcoin held for 1-2 years (reflecting the behavior of long-term holders). This indicator primarily reflects "Bitcoin market sentiment and the transfer of wealth between short-term vs. long-term holders," helping identify extreme points in market cycles (such as bull market tops or bear market bottoms). It captures investor behavior: when short-term holders (newbies or speculators) dominate, it indicates an overheated market; when long-term holders dominate, it indicates a depressed market.