Data: The Bitcoin UTXO profit and loss ratio has fallen into the historical bottom range, but the bottom signal has not yet been fully confirmed

According to CryptoQuant analyst MorenoDV_, the current reading of the Bitcoin UTXO profit and loss ratio model has fallen into a historically low range, indicating that the market is undergoing a deeper internal cleanup.

However, the analyst emphasizes 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 just a short-term oversold reaction. Although a brief rebound may occur due to a short squeeze, it should not be seen as a structural recovery signal if the profit and loss ratio fails to sustain its reconstruction.

Overall, signs of internal cleanup in BTC are beginning to emerge, but historical patterns suggest that the market may still need to endure more pressure before fully emerging from this bear market.