**[Analysis: BTC Conviction Buyers' Holdings Hit Cycle High, Bear Market Bottom No Longer Far Away]** BlockBeats News, February 21 – Crypto analyst Murphy stated that based on an analysis of on-chain data from both spatial and temporal dimensions, the current distance to the "bear market bottom" is no longer far. From a spatial perspective, taking the last cycle as an example, in June 2022, BTC dropped to a low of $17,000, which was not far from the absolute bottom price of $15,000. This indicates that spatially, it was already within the "bear bottom" range, but it took a full seven months to break out and complete the bottom reconstruction. Currently, spatially, we are getting closer to the bear bottom, but temporally, there is still a considerable gap. A key focus is on the behavior of conviction-driven buyers (Conviction Buyers, hereafter referred to as CBs). As the smartest "diamond hands" in the market, they often buy during declines and sell after rallies. In other words, rather than saying they frequently buy at the bottom, it might be more accurate to say that the bottom is often constructed by this group of buyers. As of February, CBs have accumulated holdings of 3.48 million BTC, setting a new high for this cycle. Since January of this year, they have significantly increased their holdings by 1.22 million BTC. This figure far exceeds the levels seen during the 5.19 event in the last cycle, the LUNA collapse, and the FTX crash. Moreover, the current BTC price is higher than during those previous events, meaning the "smart decision-makers" are investing even more capital at this time. While the exact bottom is difficult to predict, for the CB group, they do not aim to go all-in at the lowest point. As long as the price offers sufficient value, they will continue to buy until all excess supply is absorbed. When supply and demand reach equilibrium, the bear market bottom is formed. Afterward, through months of consensus reconstruction, a new trend emerges. From historical data, the determination and strength currently displayed by conviction-driven buyers fully meet the criteria for "the bear bottom is not far away."