[BTC Conviction Buyers' Holdings Reach a Record High of 3.48 Million Coins, On-Chain Indicators Approach Bear Market Bottom Range] Odaily Planet Daily News: Crypto analyst Murphy stated that from the spatial and temporal dimensions of on-chain data, Bitcoin is gradually approaching the bear market bottom range. He pointed out that, taking the previous cycle as an example, when Bitcoin fell to approximately $17,000 in June 2022, it was already close to the final bottom of $15,000, but the complete bottom reconstruction still took several months. Murphy emphasized that the behavior of Conviction Buyers (CB) is worth paying attention to. As of February, this group’s cumulative holdings have reached 3.48 million BTC, setting a new high for this cycle. Since January this year, they have increased their holdings by approximately 1.22 million coins, surpassing the accumulation levels during the previous 5.19, LUNA, and FTX events. He believes that historical data indicates that when this group continues to absorb excess supply and approaches supply-demand equilibrium, it often corresponds to the formation of the bear market bottom range.