On June 19, on-chain analyst Murphy posted that long-term holders (LTH) net positions have reached a new all-time high. As of June 17, LTH net holdings totaled 14.96 million BTC, which is 20,000 more than the peak formed on March 27. This is also the second time since BTC entered a bear market that LTH net positions have set a new high.

An increasing number of BTC are no longer willing to participate in short-term games and switching hands; 75% of the total circulating supply’s chips are held by LTH. They believe that historically, the bottom of each bear market cycle usually appears after LTH net positions begin to rebound—first a “position rebound,” followed by a “bottom formation.”

In the last cycle, LTH net holdings reached three new all-time highs, corresponding to three periods of strong distributions. These occurred during times when the Federal Reserve released rate-hike expectations, during Luna’s collapse, and during the period when FTX went bankrupt. This cycle is currently the second time it has reached a new all-time high. They believe the key is not which time it hits a new high, but whether the scale of LTH distributions before that has formed a clearly noticeable, step-by-step declining trend. If the distribution scale this time is lower than the last time, it indicates that sell pressure is gradually drying up, and the real bear market bottom may already have formed, or may be close at hand. #我的Gate交易时刻