Analyst: Bitcoin has suffered net losses for 22 consecutive days, and the MVRV Z-Score indicator has dropped to 0.32 CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has been in a net loss state for 22 consecutive days, meaning that trades with sell prices lower than buy prices continue to dominate and holders are closing out at a loss. The MVRV Z-Score indicator has dropped to 0.32, far below the historical average of 1.71, indicating that valuations have significantly cooled, premiums have been almost completely washed away, and the market is no longer expensive. If this indicator falls below zero, it will enter a deep underestimation and surrender zone. If it rises above the historical average, it indicates a valuation recovery. The lowest point of net loss achieved occurred on June 6th, reaching $1.2 billion, and has now narrowed to about $1.1 billion, which is about half of the extreme value of $2.2 billion surrendered in 2022. Analysts point out that market pressure is evident but valuations have been reset, and the discount in valuations itself is a positive signal.