In the recent decline of Bitcoin, this indicator has dropped a bit, and every time it reaches this position, it will always encounter some corrections, but it is worth paying attention to the general trend, and the theoretical peak of this round of the bull market is still very far away, which is almost similar to the previous cycle. The average realized cost base for short-term holders is now 23% lower than the current price, meaning that they can still make an average profit by selling Bitcoin, and the average realized price line for short-term holders is $54,000, which is very difficult for Bitcoin to fall.