[Analysis Indicates BTC Long-Term Holder Profitability Drops to 3%, Market Bottom Signal Not Triggered] On-chain analyst MorenoDV_ stated in a post on CryptoQuant that the adjusted unrealized net profit/loss (NUPL) of BTC long-term holders is approaching a critical turning point, but the market bottom signal has not yet been triggered. Since the peak on October 6, 2025, long-term holder profitability has dropped from 58% to 3% over 142 days, reflecting a deterioration in investor sentiment and holding structure. The analysis points out that historical market bottoms are typically formed after long-term holders experience widespread losses. The current environment is closer to the late-cycle pressure phase, and it is recommended to monitor signals such as LTH-NUPL falling below zero and the long-term compression of price and volatility.