BTC showing signs of bear market bottom, K33 Research says

Bitcoin is showing signs of entering a bear market bottom, as 79% of its circulating supply is held by long-term holders and selling from dormant wallets has sharply decreased, according to an analysis by K33 Research reported by The Block. K33 Research explained that in past bear markets, price surges led to significant sell-offs of dormant supply, but on-chain selling pressure from coins held for over two years has been markedly lower this year. The firm noted that 79% of Bitcoin's circulating supply is held by investors for over 155 days, and this cohort is not selling, while waiting demand absorbs the remaining sell volume. Other typical bottom signals observed include 50% of the total circulating supply being at a loss, slowing outflows from spot ETFs, and declining trading volume. However, The Block added that other firms, including Wintermute, Glassnode, and Bitfinex, maintain a cautious stance, suggesting that factors like stablecoin growth and weak institutional demand could lead to further price declines. Market prices are also expected to be influenced by the ongoing peace agreement process between the U.S. and Iran and the FOMC meeting led by the new chairman, scheduled for 6:00 p.m. UTC on June 17.