Analyst Murphy: The intensity of Bitcoin "faith buyers'" current accumulation has exceeded that of previous black swan events.

PANews reported on February 21 that analyst Murphy tweeted that Bitcoin is currently nearing the bottom of the bear market in terms of "space," but from a time perspective, it will still take several months to complete the bottoming process and consensus reconstruction. Citing on-chain data, he pointed out that LTH has cumulatively sold over 5 million BTC during this correction, indicating a marginal weakening of supply-side selling pressure. On the demand side, the group defined as "Conviction Buyers (CB)" held approximately 3.48 million BTC as of February, having added 1.22 million BTC since January alone, exceeding the scale of the "5.19," LUNA, and FTX collapses in the previous cycle. Murphy believes that as CB continues to absorb excess supply and drives a supply-demand rebalancing, the bottom of the bear market will be essentially established.