最新报道:Institutional investors relied on on-chain metrics like the NVT ratio, miner behavior, and wallet security shifts during the 2020–2023 Bitcoin bear market. NVT spiked above 1,500 in late 2022, signaling overvaluation, while miners moved over $2 billion to cold storage, indicating strategic accumulation. Multisig wallet adoption rose 40%, and 1.2 million BTC remained inactive, reflecting institutional caution and long-term holding strategies.