CryptoQuant analyst Axel Adler stated that Bitcoin's losses have decreased by 56.5% from its peak of $1370 million in February 2026 to $597 million, while its profits have only slowly rebounded to $257 million during the same period. On February 20, 2026, a record high loss was achieved, surpassing the $1.15 billion recorded on June 30, 2022. As of July 23, Bitcoin's profit has decreased by 92.7% compared to its peak of $3.51 billion on December 10, 2024, and by 77.7% compared to its historical high of $12471 million on October 6, 2025. It reached a low of $191 million on June 14, 2026. Axel Adler believes that although profit selling pressure has decreased, market demand has not recovered, and achieving profitability requires an increase of $400 million to $500 million or more to confirm improvement. The profit loss ratio of Bitcoin has rebounded from 0.26 in June to 0.43. If it falls below 0.26 and the price drops below $58535, market pressure will intensify.