[On-chain data shows Bitcoin has not yet bottomed out, market remains in a stress test phase] According to a report by Jinse Finance, despite Bitcoin demonstrating resilience during the war, on-chain data indicates that the market is still in a stress test phase. An analyst pointed out that the MVRV indicator is currently around 1.2, which is within the accumulation range. The true cycle bottom usually appears during a phase of widespread panic selling, when the MVRV drops below 1.0.