Analysis: Net holdings by long-term BTC holders hit a new all-time high, suggesting the bottom of the bear market may be near.

According to Mars Finance, on June 19th, on-chain analyst Murphy published an article stating that Long-Term Holders (LTH) net holdings have reached a new all-time high. As of June 17th, LTH net holdings reached 14.96 million BTC, 20,000 more than the high point formed on March 27th. This is the second time since BTC entered a bear market that LTH net holdings have reached a new high. More and more BTC holders are no longer willing to participate in short-term speculation and trading, and LTH now holds 75% of the total circulating supply. He believes that historically, the bottom of each bear market usually occurs after LTH net holdings begin to recover, i.e., "holding recovery" precedes "bottom formation." In the previous cycle, LTH net holdings experienced three new highs, corresponding to three strong distributions, occurring during the Fed's interest rate hike expectations, the Luna collapse, and the FTX bankruptcy. This cycle is currently in its second new high. They believe the key is not the number of new highs, but whether the previous LTH distribution scale has shown a clear downward trend. If the current distribution scale is lower than the previous one, it indicates that selling pressure is gradually drying up, and the true bottom of the bear market may have already been formed, or is not far away.