[Analysis: Bitcoin Net UTXO Supply Ratio Triggers Buy Signal for the First Time Since November 2022, Bottom Confirmation Still Pending] CryptoQuant analyst Axel Adler Jr. released a report indicating that the Bitcoin Net UTXO Supply Ratio has entered the buy zone for the first time since November 2022, triggering buy signals during several trading days from late June to early July. Historically, such signals typically appear near cycle lows, making them of certain reference value. However, confirming the bottom still requires observing whether the ratio can remain in positive territory and whether prices rise in tandem. If it returns to negative territory, it could signal a false positive. Meanwhile, the Loss Supply Percentage indicator shows that the fast-moving average surpassed 50% in late June, meaning that more than half of Bitcoin is in an unrealized loss state. However, the slow-moving average remains around 40%. If the loss percentage stays at its current level, the slow-moving average would take approximately 7 to 8 weeks to reach the 50% threshold.