The AVIV (Active Value / Investor Value) ratio for Bitcoin has fallen to 0.8, indicating that active Bitcoin investors are experiencing an average unrealized loss of 20%, according to crypto analyst Darkfost. This metric, which assesses the profit-and-loss structure of Bitcoin's on-market holdings, suggests that the current market is in a valuation discount zone. The True Market Mean (TMM) indicator, which excludes dormant and lost bitcoins, shows an average cost basis of $76,700, marking a significant resistance level. Despite substantial liquidity from institutional funds and Bitcoin ETFs, Bitcoin's cyclical patterns persist. Historically, bear market bottoms have seen the AVIV ratio dip to 0.5–0.6, correlating with investor losses of 40%–50%. However, the current loss magnitude has not reached these extreme levels, and a rebound could occur without the indicator hitting historical lows.