BlockBeats News, May 26th. Analyst Murphy stated that the current BTC market status can be observed through the "Short-Term On-Chain Activity Value Weight" (i.e., the percentage of on-chain dollar value carried by short-term chips turnover). This indicator reflects the latest speculative, arbitrage, profit-taking, or panic selling and other short-term trading behaviors. Currently, this weight has dropped to a historically low level, only seen in the bottom area of a bear market in the past 15 years. This implies a significant decrease in short-term turnover, with economic value moving towards long-term chip accumulation, indicating that the market is in a phase of low volatility, accumulation, or clear bottom features.

The analyst believes that based on this, the current market may be in one of three stages: the bottom of a bear market; a secondary bottom, possibly with one last drop to go; or the accumulation before the start of a bull market. However, a rational judgment can temporarily exclude the pre-bull market accumulation. It is currently not recommended to go all-in on a single scenario. It is suggested to adopt a diversified position strategy to deal with different outcomes. The relative position of the long-term trend has indicated that Bitcoin is near the bottom.