June 2015: 183 days after the black line crossed above the blue line, the bull market recovery peaked. February 2019: 128 days after the black line crossed above the blue line, the bull market recovery peaked. January 2023: 182 days after the black line crossed above the blue line, the bull market recovery peaked. This cycle: 100 days have passed since the black line crossed above the blue line. ┌── 🐼 On-Chain Data Details ──┐ Black line: Market capitalization of $BTC Blue line: 365-day moving average of the total market cap of $BTC held by long-term holders (coins held >155 days)
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