Analyst: Bitcoin indicators show that most current holders have realized profits and do not need to admit losses and leave the market

CryptoQuant analyst Axel posted on social media that the BTC annualized real MVRV (market value/realized value ratio) has returned to positive territory, meaning that the average cost price of all tokens purchased in the past year is now lower than the current market price. Panic selling pressure is decreasing - most holders are now profitable and do not need to exit at a loss. Holder confidence is continuing to strengthen. This "critical point transformation" coincides with the market recovery phase, signaling the start of a more sustainable price growth cycle. This trend will continue until speculative premiums accumulate to a sufficiently high level, prompting holders to choose to take profits.