Glassnode's BTC seller exhaustion index has entered the "extreme exhaustion zone" for the first time in the current bear market, analyst Murphy (@Murphychen888) said in a post. The metric combines low volatility and high-loss conditions into a single reading. Historically, similar signals have tended to appear in the bottoming range of bear markets, Murphy noted. He cautioned, however, that the first trigger does not necessarily mark the absolute low. If prices hold in a range or keep falling while the index fails to make new lows, the second signal has historically carried higher certainty. He also noted that first triggers in past cycles did not always align with the exact bottom; the second signal, if confirmed, has historically been more reliable.
Glassnode's BTC seller exhaustion index has entered the "extreme exhaustion zone" for the first time in the current bear market, according to analyst Murphy (@Murphychen888).
Murphy posted that the indicator merges two conditions — low volatility and heavy losses — into a single gauge. Readings like this, he said, have historically surfaced near the bottom range of bear markets.
The analyst also cautioned that the first trigger does not necessarily line up with the absolute low. When price keeps trading sideways or heads lower while the index fails to record new extremes, the second signal carries greater historical certainty. In past cycles, that follow-up confirmation has been the more reliable marker, Murphy said.
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