Yep, this factoid goes in cycles just like the price. If anyone is interested in diving deeper, the indicator to look at is called MVRV (Market Value to Realize

Yep, this factoid goes in cycles just like the price. If anyone is interested in diving deeper, the indicator to look at is called MVRV (Market Value to Realized Value). During time periods when it's less than 1, the average investor is carrying a loss, and > 1 means carrying a profit. Historically every halving it has spent some time below 1, and this time around we're right on schedule. https://charts.woobull.com/bitcoin-mvrv-ratio/ https://charts.woobull.com/bitcoin-mvrv-ratio/