Crypto analyst Murphy (@Murphychen888) stated via X that, based on the on-chain indicator 'short-term capital on-chain activity weight,' the BTC market is likely approaching a historical bottom zone. This indicator represents the proportion of recent trading activities such as short-term speculation, profit-taking, and panic selling, and the current value has reportedly fallen to a level only seen in bear market bottoms over the past 15 years. Murphy explained that this indicates a significant alleviation of short-term trading overheating, and market funds are shifting towards long-term holdings. He added that the current market is likely in one of three phases: a bear market bottom, a secondary bottom formation zone, or a consolidation phase before a bull market.
