BTC faith-driven buyers' holdings reach 3.48 million coins, hitting a new high, with on-chain indicators approaching the bottom range of the bear market.

SmartContractAuditor · 2026-02-21T13:36:24+00:00

Crypto analyst Murphy pointed out that on-chain data shows Bitcoin gradually approaching the bear market bottom. He mentioned that faith-driven buyers are holding at record highs, and historical data suggests their behavior may indicate that the bear market bottom is about to form.

SmartContractAuditor

2026-02-21 13:36:24

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Odaily Planet Daily reports that crypto analyst Murphy states that from the perspective of on-chain data in both spatial and temporal dimensions, Bitcoin is gradually approaching the bear market bottom range. He points out that, based on the previous cycle, when Bitcoin fell to about $17,000 in June 2022, it was only a limited distance from the final bottom of $15,000, but it still took several months to complete the bottom reconstruction.

Murphy emphasizes that the behavior of conviction buyers (CB) is worth paying attention to. As of February, this group’s total holdings have reached 3.48 million BTC, a new high for this cycle. Since January this year, they have increased holdings by about 1.22 million BTC, surpassing the levels of accumulation during the previous cycle and the LUNA and FTX events. He believes that historical data shows that when this group continues to absorb excess supply and moves toward supply-demand balance, it often corresponds to the formation of the bear market bottom range.

BTC-2,84%

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