Conviction Buyers' Bitcoin Holdings Reach Record High Amid Bear Market

Crypto analysts are closely monitoring the behavior of Conviction Buyers (CB), a group of investors who have been steadily increasing their Bitcoin holdings throughout this cycle.

As of February, this group's cumulative holdings have reached a record high of 3.48 million coins, surpassing previous cycles' highs during significant market events such as the May 19 LUNA and FTX incidents.

The analyst points out that when this group continues to absorb excess supply and approaches a balance between supply and demand, it often corresponds to the formation of the bear market bottom range.