Four-Year Cycle Series (16)

Total days above water in the cycle before last: 1136 days Total days above water in the last cycle: 1143 days Total days above water in this cycle so far: 988 days The chart shows the $BTC price and BTC: Realized Price (modified version, excluding coins held for over 7 years). When the price > Realized Price, it’s considered ‘above water.’ BTC: Realized Price is an on-chain metric that excludes Bitcoin held for over 7 years (these coins are often considered extremely long-term holdings, lost, or inactive supply, unlikely to re-enter circulation). This metric reflects the average purchase price of coins. Specifically, it represents the average cost basis of relatively more active market participants (holding within 7 years), providing a better snapshot of current market dynamics, potential selling pressure, and investor sentiment.