BTC may be approaching historical bottom, analyst says

The BTC market may be approaching a historical bottom, according to an analysis by crypto analyst Murphy (@Murphychen888) on X. The analysis is based on the 'short-term capital on-chain activity weight,' an on-chain indicator that reflects the proportion of recent trading activity from short-term speculation, profit-taking, and panic selling. This metric has reportedly fallen to a level seen only at bear market bottoms over the past 15 years. Murphy explained this indicates that the overheating in short-term trading has significantly subsided and that market funds are shifting toward long-term holdings. He added that the current market is likely in one of three phases: a bear market bottom, the formation of a secondary low, or a consolidation period before a bull market.