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Peaking soon? Perhaps not. The Reserve Risk indicator tracks the conviction of HODLers through the peaks and troughs of Bitcoin’s price movement. The basic idea behind the chart recognizes the opportunity cost for investors who are holding during bull runs. The metrics quantify the incentive for long-term HODLers to sell. A rising Reserve Risk ratio represents a greater incentive to sell and, in turn, signals a potential wealth transfer to new buyers. At the peak of each Bitcoin cycle, the ratio has shown tendencies to climb above 0.02. The current one sits near 0.008 — still a long way before touching the peak zone.