CryptoQuant: Bitcoin UTXO Profit/Loss Ratio Falls into Historical Bottom Range, But Bottom Signal Not Yet Fully Confirmed

CryptoQuant analyst MorenoDV_ pointed out in a post that the current reading of the Bitcoin UTXO Realized Profit/Loss model has fallen into the range commonly seen during historical bottoms, 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 indicate the market may still need to endure more pressure before fully exiting this bear market.