Crypto analyst Murphy stated that, from both spatial and temporal perspectives of on-chain data, Bitcoin is gradually approaching the bottom of its bear market. He pointed out that, taking the previous cycle as an example, when Bitcoin fell to approximately $17,000 in June 2022, it was already close to the final bottom of $15,000, but the actual bottom reconstruction still took several months. Murphy emphasized that the behavior of Conviction Buyers (CBs) is worth noting. As of February, this group's cumulative holdings reached 3.48 million BTC, a new high in this cycle. Since January of this year, they have added approximately 1.22 million BTC, exceeding the level of purchases during the May 19th, LUNA, and FTX events of the previous cycle. He believes that historical data shows that when this group continuously absorbs excess supply and tends towards supply-demand balance, it often corresponds to the formation of a bear market bottom.