[CryptoQuant: Bitcoin UTXO Profit and Loss Ratio Falls into Historical Bottom Range, Bottom Not Yet Confirmed] According to CryptoQuant analyst MorenoDV_, the Bitcoin UTXO profit and loss ratio model reading has fallen into the common historical bottom range. The analyst emphasized that the 365-day moving average needs to decline further to prove that the market's long-term profit structure has been reset. While a short-term rebound triggered by a short squeeze may occur, it should not be considered a signal of structural recovery if the profit and loss ratio fails to rebuild sustainably. Signs of internal cleansing within BTC are beginning to emerge, but the market still needs to endure more pressure.