According to the latest report published by analysis company Arcane Research, many chain indicators point to the bottom of the bearish phase of the cryptocurrency market.
According to the document, in July, the Pewell multiplier declined to the levels of mid-December 2018, when BTC was trading just above $7,000.
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A similar signal is shown by the long-term metric RHODL Ratio, whose current values match the marks of early 2019, the bottom of the bear phase of the previous market cycle.
Meanwhile, the Reserve Risk indicator has reached its lowest level in the history of observations. This means that long-term investors have little or no motivation to sell the cryptocurrency.
According to the analyst firm:
"Low Reserve Risk values indicate that coins are accumulating despite falling prices."