币界网报道：On June 17, CryptoQuant analyst Axel Adler Jr wrote, "The MVRV Z-score is currently at a mildly positive level (+0.6), indicating that the market has some buying power, but there are no signs of overheating. The profit ratio of short-term holders remains at a high level of 83%, which means that most short-term investors are currently profitable. Although this may trigger some profit-taking, it is still a positive signal as long as this has not happened. The current price is trapped in the range of 110,000 to 104,000 US dollars, and short-term holders remain confident in the future market rise. The market is still in a bullish trend, the overall valuation is moderately overbought, and short-term holders have shown strong interest. The high proportion of profits among short-term holders means that some investors may take profits when the price approaches $110,000, triggering a short-term correction." Indicator explanation: An MVRV Z-score value of 0 indicates a neutral valuation, and ±1 represents an extreme level.