Analysts: Bitcoin has suffered net losses for 22 consecutive days, and the MVRV Z-Score has dropped to 0.32.

CoinFeed reported on June 9th that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has been in a realized net loss state for 22 consecutive days, meaning that trades where the selling price is lower than the buying price continue to dominate, and holders are closing positions at a loss. The MVRV Z-Score has fallen to 0.32, far below the historical average of 1.71, indicating that valuations have cooled significantly, the premium has been almost completely wiped out, and the market is no longer expensive. If this indicator falls below zero, it will enter the deep undervaluation and capitulation zone; if it rises back above the historical average, it indicates a valuation correction. The lowest point of realized net loss occurred on June 6th, reaching $1.2 billion, and has now narrowed to approximately $1.1 billion, about half of the extreme capitulation value of $2.2 billion in 2022. Analysts point out that market pressure is evident, but valuations have been reset, and the valuation discount itself is a positive signal.