Analysis: BTC long-term holders' net position hits a new all-time high, and the bear market bottom may not be far away.

BlockBeats News, June 19 — On-chain analyst Murphy stated that long-term holders (LTH) net positions have hit a new all-time high. As of June 17, the LTH net position reached 14.96 million BTC, 20k more than the high formed on March 27. This is also the second time since Bitcoin entered a bear market that the LTH net position has reached a new high.

An increasing number of BTC are no longer willing to participate in short-term speculation and trading, with 75% of the circulating supply held by LTH. He believes that historically, the bottom of each bear market cycle usually occurs after the LTH net position begins to rise—that is, "position recovery" happens first, followed by "bottom formation."

In the previous cycle, the LTH net position experienced three new highs, each corresponding to three strong distributions, which occurred during periods of Federal Reserve rate hike expectations, Luna's collapse, and FTX's bankruptcy. The current cycle is now at the second new high. He believes that the key is not which number of new high it is, but whether the scale of previous distributions has shown a clear stepwise decline. If this distribution scale is lower than the last, it indicates selling pressure is gradually exhausted, and the true bear market bottom may have already formed or is not far off.