Analyst Murphy: BTC Short-Term Turnover Drops to Historic Lows

Analyst Murphy stated that the short-term capital on-chain activity weight for BTC has dropped to a historically low level, which has only appeared in bear market bottom regions. This indicates a cooling off in short-term turnover and an accumulation of economic value in long-term holdings. He believes the market may be at a bear market bottom, a secondary bottom, or in the consolidation phase before a bull market starts, but temporarily rules out the possibility of bull market buildup. He suggests adopting a diversified position strategy to respond to different outcomes.