Bitcoin saw a surge in supply and demand indicators between old and new investors in 2023, suggesting that new investors' purchasing power had reached new peaks during this period, a pattern that is often accompanied by price increases, as we saw in late 2023. The bull market of 2021 was a bit of an exception, in April 2021 Bitcoin was already at the peak of the cycle according to the indicators, but at the end of 2021 we saw a higher price of Bitcoin, and long-term holders have ended the distribution process since April 2021 and started to increase their holdings of Bitcoin, so sometimes the indicators are not completely accurate and can only be used as a reference.