ChainCatcher reports: Cryptocurrency analyst Murphy states that, analyzing on-chain data from both spatial and temporal perspectives, we are now no longer far from the “bear market bottom.” Spatially, using the previous cycle as an example, BTC dropped to a low of $17,000 in June 2022, very close to its final absolute low of $15,000—indicating that we are already within the “bear bottom” range. However, it took a full seven months to truly exit and complete the bottom formation. Currently, we are getting closer on the spatial front, but significant time remains before the bottom is confirmed. The key is to closely monitor the behavior of Conviction Buyers (CBs)—the market’s most astute “diamond hands”—who typically buy during downturns and sell during rallies. Put differently, it’s not so much that they buy at the bottom, but rather that the bottom is often constructed by their buying activity. As of February, CBs have accumulated a total of 3.48 million BTC, setting a new record for this cycle. Since January, they have significantly increased their holdings by 1.22 million BTC—a figure far exceeding the accumulation levels seen during previous events such as the 5.19 crash, the LUNA collapse, and the FTX meltdown. Moreover, BTC’s current price is higher than at any of those prior junctures, meaning these “smart money” participants are deploying even more capital now. While the exact bottom level remains unpredictable, CBs do not aim to time the absolute lowest point; instead, they continuously buy as long as value is compelling, gradually absorbing all excess supply. When supply and demand reach equilibrium, the bear market bottom is formed. Afterward, months of consensus-building follow before a new trend emerges. Historical data shows that the determination and strength demonstrated by today’s conviction buyers fully align with the criteria for being “not far from the bear market bottom.”
BTC faith-driven buyers reach cycle high, suggesting proximity to bear market bottom
ChaincatcherShare
Summary
According to ChainCatcher and analyst Murphy, the BTC price is nearing the bottom of a bear market. Faith-driven buyers accumulated 3.48 million BTC by February, a cycle high. Between January and February 2026, they added another 1.22 million BTC, surpassing purchasing levels during major market crashes. The BTC market update reveals consistent buying despite ongoing uncertainty, suggesting the cycle low may be near.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.