[Analysis: Bitcoin Short-Term Turnover Cools Significantly, Market Near Bottom] BlockBeats News, May 26 – Analyst Murphy stated that by using the on-chain metric 'short-term capital on-chain activity weight' (i.e., the proportion of USD value carried by short-term turnover), the current state of the BTC market can be observed. This metric reflects short-term trading behaviors such as recent speculation, arbitrage, profit-taking, or panic selling. Currently, this weight has dropped to historically low levels, seen only in the deepest bear market regions over the past 15 years. This indicates a significant cooling of short-term turnover, with economic value shifting toward long-term holdings. The market is exhibiting characteristics of low volatility, consolidation, or a clear bottoming phase. The analyst concludes that the current market may be in one of three stages: the bear market bottom; a secondary bottom, with the possibility of one final drop; or consolidation before the start of a bull market. However, based on rational judgment, the consolidation-before-bull scenario can be temporarily ruled out. At present, it is not recommended to go all-in on a single scenario. A diversified position strategy is advised to address different outcomes, as the relative position in the long-term macro trend indicates that Bitcoin is near the bottom. [Original Link]