BTC conviction holders' positions reach a record high of 3.48 million coins, with on-chain indicators approaching bear market bottom levels

According to Odaily, crypto analyst Murphy stated that from the perspective of on-chain data in both spatial and temporal dimensions, bitcoin is gradually approaching the bear market bottom range. He pointed out that, taking the previous cycle as an example, when bitcoin fell to around $17,000 in June 2022, it was already not far from the final bottom of $15,000, but the actual bottom reconstruction still took several months to complete.

Murphy emphasized that the behavior of Conviction Buyers (CB) is worth paying attention to. 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 increased their holdings by about 1.22 million, surpassing the accumulation levels during the previous cycle’s May 19, LUNA, and FTX events. He believes that historical data shows when this group continues to absorb excess supply and approaches a supply-demand balance, it often corresponds to the formation of the bear market bottom range.