If the BTC calf has not yet reached the top, then the current pullback may be very critical.Before the BTC calf peaked in 2016, the lowest indicator on the chain fell back to 1.6;Before the BTC calf peaked in 2019, the indicator on the chain fell back to a minimum of 2.1;Currently, the indicator on the chain has retreated to 2.4.The black line in the figure is the BTC price; the orange line on-chain indicator is the ratio of the number of BTC in profit to the number of BTC in loss among the BTC held by short-term BTC holders (holding BTC on the chain for span days) .
