Known as the binary indicator referred to by long-term holders, it is a tool used to analyze the behavior of the Bitcoin market, and this indicator focuses on the behavior of long-term holders in spending on their assets, that is, when they start selling or transferring their long-term holdings. Its activity can be observed through this indicator, and an increase in spending by long-term holders is usually observed during the peak of Bitcoin's bull market, indicating that they are moving from the accumulation phase to the distribution phase, which is an important turning point in the market cycle.