TechFlow news, June 29, according to a post by CryptoQuant analyst MorenoDV_, the current reading of the Bitcoin UTXO Realized Profit/Loss Ratio model has fallen into the range commonly seen during historical bottoming processes, indicating the market is undergoing a deeper internal cleanup. However, the analyst emphasized that this does not mean the bottom has been confirmed—the 365-day moving average needs to decline further to prove that the market's long-term profit structure has been fully reset, rather than being merely a short-term oversold reaction. Although a brief rebound triggered by a short squeeze may occur currently, if the profit/loss ratio fails to rebuild sustainably, it should not be regarded as a signal of structural recovery. Overall, signs of BTC internal cleanup are emerging, but historical patterns show the market may still need to endure more pressure to completely exit this bear market.
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