How to interpret Bitcoin Ahr999 indicator approaching a critical threshold of 0.3 again

The Bitcoin Ahr999 indicator is once again approaching the critical threshold of 0.3, a level that has historically corresponded to extreme market panic and major crashes. Since the indicator first fell below 0.3 in February this year, the market briefly rebounded above the "dollar-cost averaging zone" in April, but by the end of May, it had returned to the "bottom-fishing zone," indicating that market sentiment continues to linger at low levels.
Recently, some analyses have pointed out that several classic bottom-fishing indicators, including Ahr999, have shown a "sometimes effective, sometimes ineffective" phenomenon, suggesting that the market structure may have changed. The current indicator is once again approaching a historically low level, but without a clear black swan event like the FTX explosion, this kind of "approach without major event-driven triggers" is itself a warning sign, possibly reflecting deeper liquidity or structural pressures building up.
On June 5th, according to third-party data, with Bitcoin's current price at $62,107.91, the Bitcoin Ahr999 indicator reported 0.3081, nearing the critical threshold of 0.3. The last time it fell below 0.3 was on February 25th of this year.
Statistics show that an Ahr999 below 0.3 is a rare situation of extreme undervaluation, mainly occurring during major market crashes or panic moments. Historically, there have been several instances of falling below 0.3:
November 2011, when Bitcoin was only in single digits and broad consensus had not yet formed;
The 2018 bear market bottom (around 0.24);
March 2020 "3.16 Flash Crash" (COVID panic);
June 2022 ETH liquidation crash and November FTX collapse, multiple touches around 0.27;
February 2026, reaching 0.27-0.29, close to historical lows. $BTC
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