Bitcoin's adjusted Net Unrealized Profit/Loss (NUPL) has remained negative for six consecutive weeks, according to CryptoQuant analyst Axel Adler Jr. The NUPL currently stands near -0.13, indicating that the average holder's cost basis is above the current price, resulting in an overall unrealized loss in the market. The NUPL readings for the overall market, long-term holders, and short-term holders have converged near -0.13. Short-term holders first entered losses, hitting a low of -0.27 on June 5, while long-term holders and the overall market indicator reached lows around -0.22 on June 30. Although the depth of losses has significantly narrowed since June, none of the indicators have returned to breakeven. The analyst notes that while panic selling pressure has eased, a full market reversal requires the adjusted NUPL to rise above zero sustainably.