PANews reported on June 9th that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has been in a realized net loss state for 22 consecutive days, meaning that trades where the selling price is lower than the buying price continue to dominate, and holders are closing positions at a loss. The MVRV Z-Score has fallen to 0.32, far below its historical average of 1.71, indicating that valuations have cooled significantly, the premium has been almost completely wiped out, and the market is no longer expensive. If this indicator falls below zero, it will enter a deeply undervalued and capitulation zone; if it rises back above its historical average, it indicates a valuation correction.

The lowest realized net loss occurred on June 6th, reaching $1.2 billion, and has since narrowed to approximately $1.1 billion, roughly half of the extreme $2.2 billion loss seen in 2022. Analysts point out that while market pressure is evident, valuations have been reset, and the valuation discount itself is a positive signal. The trigger for improvement is a return to zero or above in realized net profit and loss, with MVRVZ remaining positive; the main risks are a further deepening of losses to the extreme levels of 2022 and MVRVZ falling below zero.