Faith based buyers hold 3.48 million BTC, reaching a new high

Crypto analyst Murphy stated that from the spatial and temporal dimensions of on chain data, Bitcoin is gradually approaching the bottom range of the bear market. As of February this year, faith buyers have accumulated holdings of 3.48 million BTC, setting a new high for this cycle. Since January this year, we have increased our holdings by approximately 1.22 million pieces, exceeding the level of increase during the previous 5.19, LUNA, and FTX events. Murphy believes that historical data shows that when faith buyers continue to absorb excess supply and approach supply-demand balance, it often corresponds to the formation of a bear market bottom range.