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Historically, every bear market has ended with a crossover of the Realized Price for long-term (LTH) and short-term (STH) holders. The only exception was the COVID-dump. So far, such a crossover has not yet occurred. And if it doesn’t happen, we will see, for the first time, a transition from a bear cycle to a bull cycle without a crossover of the LTH and STH Realized Prices.