BTC Faith-Based Buyers' Holdings Reach Record High of 3.48 Million Coins, On-Chain Indicators Approach Bear Market Bottom Range

Odaily News Crypto analyst Murphy stated that, from both spatial and temporal dimensions of on-chain data, Bitcoin is gradually approaching the bear market bottom range. He pointed out that taking the last cycle as an example, when Bitcoin fell to around $17,000 in June 2022, it was already close to the eventual bottom of $15,000, but it still took several months to complete the bottom restructuring.

Murphy emphasized that the behavior of Conviction Buyers (CB) is noteworthy. As of February, this group's cumulative holdings have reached 3.48 million BTC, setting a new high for this cycle. Since January this year, they have accumulated approximately 1.22 million coins, exceeding the accumulation levels seen during the previous 5.19, LUNA, and FTX events. He believes historical data indicates that when this group continuously absorbs excess supply and approaches a supply-demand balance, it often corresponds to the formation of a bear market bottom range.