[Analyst: Bitcoin Adjusted NUPL Negative for Six Consecutive Weeks, Market Pressure Eases but No Reversal Yet] CryptoQuant analyst Axel Adler Jr. pointed out that Bitcoin's adjusted Net Unrealized Profit/Loss (NUPL) has remained in the negative zone for six consecutive weeks, currently near -0.13. This indicates that the average holder's cost basis is higher than the current price, and the market as a whole is still in an unrealized loss state. The NUPL readings of three key groups—overall market, long-term holders, and short-term holders—have converged around -0.13. Short-term holders were the first to enter a loss, hitting a bottom of -0.27 on June 5, followed by long-term holders and the overall indicator reaching a low of approximately -0.22 on June 30. All three indicators are now recovering in sync, with the depth of losses significantly narrowing from the June lows, though none have returned to the breakeven point. The analyst stated that the synchronized narrowing of losses points to a relief in panic selling pressure, but it does not yet constitute a complete reversal.