According to news from CoinWorld, on May 2, CryptoQuant analyst Axel posted on social media that the annualized real MVRV (Market Capitalization/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 lower than the current market price. The panic selling pressure is weakening—most holders are now in profit and do not need to realize losses by exiting the market. The confidence of holders is continuing to strengthen. This "critical point conversion" 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.