Long-Term Holder Ratio vs Market Cycle (on-chain context)

The long-term holder ratio is the proportion of a cryptocurrency's circulating supply held by long-term holder wallets, expressed as a percentage, used to gauge overall market conviction and cycle phase.

A market cycle, in on-chain context, is the recurring sequence of accumulation, expansion, distribution, and contraction phases identifiable through measurable shifts in blockchain data across participant behaviour metrics.