I am not sure what the exact definition of “long-term” is here, but fundamentally the chart is showing that those holders are realising profits by liquidating their BTC holdings with the realised profits at the highest level in all but one bull cycle (2016-17).

Your question about the blocks beginning at 0 for each period is interesting, unless they measure “new” buys that hold long enough to meet the definition of “long-term” for each cycle in the chart. Typically, industry parlance for long-term is atleast a year.

Nice chart there @thunderhead . Interesting to see that there was loads of excited chatter here when BTC burst up through the $110k USD level back in July, but now that it's re-entering the atmosphere at terminal velocity with the heat shields glowing white hot I'm only hearing crickets :)

Honestly, these are all just irrelevant fluctuations imo.

It's either going to be several orders of magnitude higher as it embeds itself as the foundational layer of global finance.. or it's not.

So it's either insanely cheap, or significantly overvalued.

All the nonsense numerology over short term price movements misses the point entirely.

If you think, as I do, that this is a transformational tech whose impact will be as significant as the Internet, the only rational play is to steadily accumulate and hold. And just accept the volatility.

Speculating (gambling) on every dip and rally may work out well for you, but the odds are high you'll not only lose money trading, but will miss the on the really big moves, which will be sporadic and unpredictable.

It's going to be a long grind. With lots of false starts and scary corrections along the way. Much like the stock market.

Act accordingly.

There's always gold