In the history of BTC's major cycles, among the 5 main peaks of this indicator—

4 peaks occurred before the bull market peak (February 2013, October 2013, December 2016, November 2020)

1 peak occurred at the bull market peak (October 2021)

Currently, this indicator has also reached a considerable height

The indicator in the chart represents the number of coins held by long-term holders on the BTC chain (holding period > 155 days) that are in profit, as a percentage of the total circulating supply of BTC.