Bitcoin is approaching a historically important on-chain zone. The LTH/STH Realized Cap Ratio compares the Realized Cap held by Long-Term Holders with the capital held by Short-Term Holders. Historically, when this ratio moved above 4, Bitcoin was forming a major cycle bottom. The ratio has now reached 3.9, placing the market very close to that threshold once again. A rising ratio indicates that a larger share of Bitcoin’s realized capital is concentrated among Long-Term Holders, while Short-Term Holder participation becomes comparatively weaker. This structure is commonly associated with advanced accumulation phases, when speculative capital leaves the market and ownership shifts toward investors with stronger conviction. It does not confirm that the exact bottom is already in. However, it shows that Bitcoin is approaching a zone that previously appeared during major cycle-bottom formations. Capital is increasingly concentrated in stronger hands. Created with the Alphractal Workbench. https://t.co/1cjMJtHQKY