Analyst: On-chain indicator AVIV drops to 0.8, active Bitcoin investors currently average 20% unrealized loss

CoinFeed July 4 news, crypto analyst Darkfost posted an on-chain indicator interpretation on X platform, analyzing the current Bitcoin market's position profit and loss structure through the core indicators of coin time economics TMM (True Market Mean) and AVIV ratio. The TMM indicator excludes long-term unmoved and partially permanently lost dormant Bitcoins, only counting the average holding cost of market-active chips. The current value is about $76,700, which has become a clear price resistance. During the May market, when the price touched this level, a large number of investors broke even and exited. The associated AVIV (Active Value / Investor Value) ratio is currently hovering around 0.8, in the valuation discount range, meaning all active BTC investors are on average down 20%.