CryptoQuant: Bitcoin UTXO profit and loss ratio has fallen into the historical bottom range, bottom yet to be confirmed

According to CryptoQuant analyst MorenoDV_, the Bitcoin UTXO profit-loss ratio model reading has fallen into the historically common bottom range. The analyst emphasized that the 365-day moving average needs a more significant decline to prove that the market's long-term profitability structure has been reset. There may be short-term rebounds triggered by short squeezes, but if the profit-loss ratio fails to continuously rebuild, it should not be considered a signal of structural recovery. Signs of internal cleanup within BTC have emerged, and the market still needs to withstand more pressure.