Analysis: Bitcoin Net UTXO Supply Ratio triggers buy signal for the first time since November 2022, bottom confirmation still needed

CoinFeed July 3 news, CryptoQuant analyst Axel Adler Jr. released a report pointing out that the Bitcoin Net UTXO Supply Ratio has entered the buy zone for the first time since November 2022, triggering a buy signal over several trading days from late June to early July. Historically, such signals usually appear near cycle lows, so they have certain reference value. However, confirming the bottom still requires observing whether the ratio can remain positive and the price rise simultaneously. If it returns to negative, it may be a false signal. Meanwhile, the loss supply ratio indicator shows that the fast moving average broke above 50% at the end of June, meaning more than half of Bitcoin holders are at a loss; but the slow moving average is still around 40%. If the loss ratio remains at the current level, the slow moving average will need about 7 to 8 weeks to reach the 50% threshold.