The first is the Bitcoin Piller multiplier, which is calculated as the current miner revenue divided by the average from the past 365 days. If the Piller multiplier is significantly below 1, it indicates insufficient momentum for miner profit growth, thereby reducing the motivation to further invest in mining. Conversely, if the Piller multiplier is greater than 1, it means that miners still have the momentum for profit growth, and the motivation to invest in mining increases. To put it simply, based on historical experience, when this value exceeds 3, it’s time to exit, or else one risks being trapped. Currently, it is around 1.1, indicating there is still room for growth, though the most stable strategy is to sell as it rises. In other words, the price of BTC has strayed too far from its cost price and needs correction; this asset's gross profit is also its net profit, with no sales costs involved.
The second is the recent transaction time distribution of Bitcoin, which is what we have been referring to as the bull market indicator distribution. When short-term holders become active and long-term holders gradually exit, it usually signifies a price increase. This trend continues to persist.
I believe we are still in a bull market and have not yet reached the peak.
