On-chain data suggests BTC's $60K February low may be the bottom

An analysis suggests that the roughly $60,000 level Bitcoin reached in February could be the bottom of the current bear market. CoinDesk reported that key on-chain and derivatives indicators, including Realized Cap, the RHODL Ratio, and perpetual futures funding rates, are showing signals similar to a cycle bottom. The Realized Cap, a metric calculating network value based on the price of each BTC when it last moved on-chain, has stabilized recently after falling from a high of $1.12 trillion last October to $1.08 trillion. This pattern resembles the 2022 bear market bottom. Additionally, perpetual futures funding rates remained negative for an extended period from February to May, indicating strong bearish sentiment and an accumulation of short positions, a pattern also seen at previous major lows. However, the outlet noted this is not a definitive signal of upward momentum, with the future macroeconomic environment and ETF fund flows expected to be additional variables.