The Bitcoin Net UTXO Supply Ratio has entered a buy zone for the first time since November 2022, according to a report by CryptoQuant analyst Axel Adler Jr. This development has triggered buy signals on several trading days from late June to early July. Historically, such signals appear near cycle lows, offering potential reference value. However, confirmation of a market bottom requires the ratio to stabilize in positive territory alongside a price increase. A return to negative territory could indicate a false signal. Additionally, the loss supply share indicator shows that its fast moving average surpassed 50% at the end of June, indicating that more than half of Bitcoin is in an unrealized loss state. The slow moving average remains around 40%, and if the loss share stays at current levels, it will take approximately 7 to 8 weeks to reach the 50% threshold. The report suggests that the market is still in a "capitulation process," and final bottom confirmation will depend on the slow moving average hitting 50% and the Net UTXO Supply Ratio maintaining positive levels.