BlockBeats News, June 19th. On-chain analyst Murphy posted that Long-Term Holders (LTH) net position has hit a new all-time high. As of June 17th, LTH's net position reached 14.96 million BTC, exceeding the previous high set on March 27th by 20,000 BTC. This marks the second time LTH's net position has hit a new high since BTC entered a bear market.

More and more BTC holders are unwilling to participate in short-term speculation and trading. 75% of the total circulating supply is now held by LTH. It is believed that historically, each bear market bottom usually occurs after the LTH net position starts to rise, with "position accumulation" preceding "bottom formation."

In the previous cycle, LTH's net position hit a new high three times, each followed by a strong distribution phase coinciding with the Fed's interest rate hike expectations, the Luna rug pull, and the FTX collapse. This cycle is currently experiencing the second new high. The key is not the number of times a new high is reached, but whether the previous distribution scale shows a clear downward trend. If the distribution scale this time is lower than the previous one, it indicates that selling pressure is gradually diminishing. The real bear market bottom may have been reached or is not far off.