Odaily Planet Daily News: CryptoQuant analyst Axel posted on social media that the annualized real MVRV (Market Value/Realized Value Ratio) of BTC has returned to positive territory, indicating that the average cost price of all tokens purchased in the past year is now below the current market price. Panic selling pressure is easing—most holders are now in profit and do not need to realize losses to exit. Holder confidence is continuously strengthening. This 'turning point' coincides with the market recovery phase, marking the beginning 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.