Analysis: Long term BTC holders' net holdings hit a new historical high, and the bear market bottom may not be far away BlockBeats News: On June 19th, on chain analyst Murphy announced that the net holdings of long-term holders (LTH) have reached a new historical high. As of June 17th, LTH's net holdings reached 14.96 million BTC, 20000 more than the high point formed on March 27th. This is also the second time since BTC entered a bear market that LTH net holdings have reached a new high. More and more BTC are no longer willing to participate in short-term games and turnover, and 75% of the total circulating chips are now held by LTH. It is believed that in history, the bottom of each bear market usually occurs after the net LTH holdings begin to rebound, that is, there is first a "position rebound" and then a "bottom formation". In the previous cycle, LTH net holdings experienced three record highs and corresponding three strong distributions, which occurred during the Federal Reserve's release of interest rate hike expectations, Luna explosion, and FTX collapse. This cycle is currently the second record high. It believes that the key is not the number of new highs, but whether the scale of LTH distribution has formed a clear downward trend step by step before. If the scale of this distribution is lower than the previous one, it indicates that selling pressure is gradually drying up, and a true bear market bottom may have already emerged or is not far away. [Original link]