Bitcoin MVRV Z-Score approaches historical bear market bottom zone

According to the news on June 8th, the Bitcoin MVRV Z-Score reached 0.24, close to the zero axis of the historical bear market's "green accumulation zone", indicating that the market price is gradually approaching the value realized on the chain. Historical data shows that this indicator fell to near zero or briefly fell below zero during bear markets in 2011-2012, 2014, 2018, and 2022 before bottoming out. Short term holders have an MVRV of 0.84, while long-term holders have an MVRV of 1.29. There has not been a typical convergence phenomenon at the bottom of a bear market, and long-term holders still have significant unrealized profits. Analysis suggests that the market may not have formed an absolute bottom yet. After the cryptocurrency market evaporated about $100 billion in market value last week, multiple signs of recovery have begun to emerge.