Analysts say market confidence index is at an extremely negative value, investors' confidence in bitcoin trend is near collapse

On March 2, on-chain data analyst Murphy stated that the market investor confidence index has remained below -0.3 for several consecutive days since February 18, indicating an extremely negative state. Investors' confidence in the bitcoin trend is nearly collapsing. Murphy believes that this figure suggests market confidence will be difficult to rebuild in the short term and may require months or quarters to recover. Historical data shows that when the confidence index drops to the current level, it is usually followed by a rebound or approaches the bottom of a bear market.