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[Analyst: On-chain metric AVIV drops to 0.8, Bitcoin active investors currently average a 20% unrealized loss] Crypto analyst Darkfost shared an interpretation of on-chain metrics on the X platform, analyzing the current Bitcoin holding profit and loss structure using the core metric of coin economics, TMM (True Market Mean), and the AVIV ratio. The TMM metric excludes long-term dormant and partially permanently lost Bitcoin, calculating only the average holding cost of active market tokens. The current value is approximately $76,700, which has become a significant price resistance level. During the May market trend, prices reached this level, prompting a large number of investors to exit at breakeven. The accompanying AVIV (Active Value / Investor Value) ratio is currently hovering around 0.8, within the valuation discount range, indicating that all active BTC investors are, on average, experiencing a 20% unrealized loss.