BTC Key On-Chain Indicators: 2016-17 vs. 20-21 Bull Periods and Yesterday's Correction

[Updated BTC key on-chain indicators]

During the BTC mad bull period in 2016-17, the indicator on the chain fell back to 1.0 many times;

During the BTC mad bull period in 20-21, the indicator on the chain fell back to 1.2 many times;

Yesterday’s correction of $60,700 saw the lowest index on the chain fall to 1.13.

This wave may be the mad cow move in 20-21

The upper black line in the figure is the BTC price; the lower on-chain indicator is the MVRV of short-term BTC holders.

Note: MVRV (Market Value to Realized Value) for short-term BTC holders refers to the current total market value of BTC held by short-term BTC holders (holding the currency on the chain for span days) and the total market value of the cost calculated based on these BTC purchase prices. The ratio is the overall spot price/cost price of short-term BTC holders.